Industrial Opportunity Partners (IOP) has acquired Union Corrugating Company, a manufacturer of metal roofing systems and roofing components. The buy of Union is IOP’s 10th platform investment for its second fund, Industrial Opportunity Partners II, LP. IOP is partnering on this investment with Keith Medick, Union’s President and Chief Executive Officer, and the rest of Union’s senior management team.
Union’s products are used in residential, commercial, and agricultural applications. The company serves over 1,200 customers in over 30 states and sells through home centers, lumber retailers, wholesalers, and contractors. The company has approximately 280 employees and is based in Fayetteville, NC with 10 additional manufacturing and distribution facilities located throughout the Southeast, Mid-Atlantic and Midwest (www.unioncorrugating.com).
IOP focuses on acquiring middle-market manufacturing and value-added distribution businesses, typically with revenues between $30 million and $350 million. The firm targets businesses with strong product, customer, and market positions and provides both management and operational resources to support sales growth and operational improvements. IOP was founded in 2005 and is headquartered in the Chicago suburb of Evanston (www.iopfund.com).
IOP Operating Principal Dave Mackin has assumed the role of Chairman of Union Corrugating. Mr. Mackin is a member of the firm’s Board of Operating Principals, which is comprised of experienced executives who provide leadership to the businesses in which IOP invests.
PNC Business Credit provided senior financing and Patriot Capital provided subordinated debt and made an equity co-investment to support the acquisition. VRA Partners was the financial advisor to the shareholders of Union Corrugating.
© 2017 Private Equity Professional | January 18, 2017