Huntsman Completes the Acquisition of Icynene-Lapolla

Huntsman Corporation announced that it has completed the acquisition of Icynene-Lapolla, a North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications. Huntsman acquired the business

from an affiliate of FFL Partners, LLC, for $353 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity.

The acquisition of Icynene-Lapolla is aligned with Huntsman’s strategy of growing its downstream polyurethanes business. According to the company, the combination of Icynene-Lapolla with Demilec, the SPF business Huntsman acquired in 2018, will create the world’s leading supplier of spray foam products used to insulate commercial and residential structures. 

Icynene-Lapolla has annual revenues of approximately $230 million with two manufacturing facilities located in Houston, Texas, and Mississauga, Ontario, where it produces a full range of MDI-based SPF formulations and reflective roof coatings, which it markets directly to applicators as well as through distributors.

Tony Hankins, President of Huntsman’s Polyurethanes division, commented on the acquisition, saying, “I am excited about the opportunities that lie ahead, now that Icynene-Lapolla is joining our high-growth MDI urethanes insulation business. Together with Demilec, our existing SPF business, we will create a world-leading SPF platform, providing highly innovative, energy-saving solutions for residential and commercial property owners alike.”

Peter Huntsman, Chairman, President and CEO, added, “SPF is a highly attractive growth market and Icynene-Lapolla is widely recognized as a leading player in the industry. Icynene-Lapolla will strengthen our move downstream and provide further impetus to the globalization of our SPF technology. The purchase price represents an adjusted EBITDA multiple of approximately 10 times, or approximately 7 times adjusted EBITDA, pro forma for synergies. The combined business is now approaching $500 million in revenues and by the end of 2021 with synergies we see the SPF business exceeding $100 million in EBITDA.”

For more information, please visit www.huntsman.com

Huntsman Announces the Acquisition of Icynene-Lapolla

Huntsman Corporation announced its agreement to acquire Icynene-Lapolla, a North American manufacturer and distributor of spray polyurethane foam (SPF) insulation systems for residential and commercial applications, from an affiliate of FFL Partners, LLC.

Icynene-Lapolla has annual revenues of approximately $230 million with two manufacturing facilities located in Houston, Texas, and Mississauga, Ontario. Under terms of the agreement, Huntsman will pay $350 million, subject to customary closing adjustments, in an all-cash transaction funded from available liquidity. Based on full year 2019 adjusted EBITDA estimates, the purchase price represents an adjusted EBITDA multiple of approximately 10 times, or approximately 7 times adjusted EBITDA pro forma for synergies. The transaction is expected to close in the first half of 2020.

Commenting on the acquisition, Tony Hankins, president of Huntsman’s Polyurethanes division, said, “I am delighted that Icynene-Lapolla is joining our downstream, high-growth MDI urethanes insulation business. Icynene-Lapolla is well recognized by architects, builders and contractors as a market leader in the manufacture and supply of high-performance, energy-efficient building envelope solutions. Almost half of all energy consumption is used in the heating and cooling of buildings, making the choice of insulation critical. SPF is the most effective insulant available in the market. The combination of Icynene-Lapolla, with its SPF product range and reflective roof coatings, with Demilec, the SPF business we acquired in 2018, will significantly strengthen our energy-saving insulation business and provide customers with an unmatched offering of choice while accelerating the globalization of our spray foam technology.” 

Peter Huntsman, chairman, president and CEO, commented, “As the demand for energy efficiency continues to grow, both in residential and commercial construction, this combination of companies will provide Huntsman with the largest global array of spray foam technology, integration of raw materials and associates. This is the size and type of downstream assets that we will continue to add to our Company as we strengthen margins, move downstream and be less reliant on a single product or application.”

Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2018 revenues of more than $9 billion. For more information about Huntsman, please visit www.huntsman.com.

Kingspan Light + Air Completes Acquisition of Skyco Skylights

Kingspan Light + Air, North America stated that the company has completed the aquisition of Skyco Skylights. “I’m pleased to announce that Skyco Skylights is now part of Kingspan Light + Air, North America,” said Kyle McEnroe, vice president of Kingspan Light + Air, Skylights. “With our key acquisitions of Skyco, Bristolite, and CPI Daylighting, Kingspan Light + Airnow provides the broadest range of high-performance skylights, canopies, smoke ventilation, and daylighting products in North America.”

McEnroe continued, “With the integration of Skyco complete, we are now in a better position to leverage Kingspan’s global, regional and local resources to help support architects, contractors and roofers in every region of the country. With a broader portfolio of high-quality products, streamlined manufacturing processes to ensure on-time delivery, and increased engineering capabilities, Skyco customers are in good hands. We are ready to serve.”

For more information, visit https://www.kingspan.com/us/en-us/kla.

New Tech Machinery Acquires Manufacturer Nasser Machines

New Tech Machinery (NTM) is pleased to announce its acquisition of Nasser Machines. Nasser Machines was established in 1992 by Nabeil Nasser and has since grown into a reputable gutter machine manufacturer in Western Canada. Nasser’s main product is its portable gutter machine that features a swinging miter saw, tooling system, and nine gutter profile options.

The acquisition, effective immediately, will allow New Tech Machinery to expand further into Western Canada and bring its innovative rollforming products and services to customers in the growing region. Additionally, Nasser products will be made available to the U.S. and international markets that NTM currently serves.

“We’ve always respected and admired the innovative gutter machine that Nasser Machines is known for,” said Clark Neft, Vice President of New Tech Machinery. “We’re looking forward to this opportunity to work together with the Nasser team to integrate their machine into our line-up of products.”

For more information, visit www.newtechmachinery.com.

SFS Group Acquires Triangle Fastener Corporation

SFS Group announced it has acquired Triangle Fastener Corporation (TFC). TFC, with headquarters in Pittsburgh, Pennsylvania, is a leading provider of fasteners and other products for the commercial construction industry. TFC produced sales of more than $ 70 million in 2018 and has approximately 200 employees. Thanks to this acquisition, SFS will be able to expand access to the market and its customers in the American building sector. 

TFC was founded in 1977 and supplies end users in the commercial construction industry with a comprehensive assortment of customer-specific fasteners, as well as other application solutions. TFC sells its products to roughly 6,000 active customers through 23 separate branch locations in 15 states, and is one of the leading suppliers in the Eastern United States. 

According to SFS Group, TFC will operate as a part of the Construction division within the Fastening Systems segment. The company will be led by the existing management, thus ensuring its continuity.

SFS is a worldwide supplier of mechanical fastening systems and precision-molded parts. SFS Group AG comprises the three segments, Engineered Components, Fastening Systems and Distribution & Logistics, which represent the respective business models. In the Engineered Componentssegment, SFS acts as a development and manufacturing partner for customer-specific precision-molded parts, fastening solutions and assemblies. Engineered Components appears on the market with the four divisions of Automotive, Electronics, Industrial and Medical. TheFastening Systemssegment, made up of two divisions, Construction and Riveting, develops, produces and sells application-optimized, mechanical fastening systems. In the Distribution & Logisticssegment, SFS is a leading partner for fasteners, tools, fittings and innovative logistics solutions in Switzerland. With its more than 80 distribution and production facilities, the SFS Group is represented worldwide in 26 countries. 

For more information please visit www.sfs.biz

IKO Acquires Roof Tile Group

IKO Industries Ltd. announced that it has concluded a deal that will see it acquire the operations of the Roof Tile Group from New Zealand-based manufacturer and builder Fletcher Building. Roof Tile Group manufactures metal roofing tiles for global sales and distribution under a number of brand names, including Decra and Gerard. The purchase will expand IKO’s global manufacturing and operations footprint to include production sites in New Zealand, Hungary, Malaysia, and the United States; and more than 500 employees to IKO’s worldwide team.

“We are pleased to welcome RTG and its employees to the IKO family,” stated Hartley Koschitzky, IKO’s co-chairman. “This acquisition represents an excellent opportunity to continue with our global growth strategy, and to expand our metal roofing business beyond our partnership with Metrotile NV, particularly in the North American market. We are looking forward to growing and building RTG’s business and learning from the knowledge and experience of our new team members in the metal roofing industry.”

IKO did not disclose the financial terms of the acquisition. The company indicated that the immediate future will see RTG continue to run its operations on a “business as usual” basis, while the company focuses on onboarding its new employees and gaining familiarity with RTG’s operations.

For more information, visit www.iko.com.

Atlas Roofing Acquires ACH Foam Technologies

Atlas Roofing Corporation is pleased to announce its acquisition of ACH Foam Technologies with headquarters in Westminster, CO. ACH Foam Technologies is a leading manufacturer of molded polystyrene solutions with manufacturing facilities across North America.

“We are excited to combine the exceptional expertise, extensive manufacturing footprint and growth vision of ACH Foam Technologies with the outstanding Atlas portfolio,” commented Mike Huempfner, President and CEO of ACH Foam Technologies.

The addition of ACH Foam Technologies brings decades of experience, diverse product offerings and a wide range of advanced technology to Atlas’ expanded polystyrene foam business and establishes the largest manufacturer of molded polystyrene in North America.  The combination of these two premier molded foam manufacturers in the United States will accelerate growth opportunities for Atlas and ACH as well as their customers, partners and team members.

ACH’s complementary manufacturing and customer service reach combined with industry-leading expertise in both block and shape molded foam products provide an exceptional platform from which to expand and enhance the Atlas portfolio of products and solutions.

“ACH shares with Atlas a similar approach to growth, its commitment to innovation, product quality and customer service and, most importantly, our same dedicated focus on people,” said Ken Farrish, President of Atlas Roofing Corporation. “The time-proven experience and accomplishments of both the ACH and Atlas EPS teams make us very optimistic about the potential of this combination and what we can do for our customers and our industry.”

For more information, visit www.atlasroofing.com.

 

Soprema Acquires Derbigum Americas

Soprema Inc. announced the acquisition of Derbigum Americas Inc.— the U.S. division of Derbigum, a Belgian roofing solutions provider. Soprema plans to maximize Derbigum’s rich history of manufacturing the highest-quality APP-modified bitumen and a full line of roofing adhesives, mastics and primers as Derbigum Americas joins the Resisto and Chem Link brands as part of the Soprema family of companies in the United States.

Derbigum Americas, which opened its doors in Kansas City, Missouri, in 1989, will operate as a subsidiary of Soprema, becoming a “Soprema Group Company.” The Derbigum leadership team will remain involved, and business will continue operating as usual without disruption.

“We are pleased to welcome Derbigum Americas into our company, furthering our dedication to being an industry leader in engineered roofing solutions and strengthening our product offering by having local APP-modified bitumen production in the U.S.,” said Tim Kersey, vice president and general manager, Soprema. “Derbigum is a well-recognized and long-respected name brand, and we see immediate synergies between the two companies’ people and portfolios.”

For more information, visit www.soprema.us or www.derbigum.us.

BLUEFIN LLC Announces Acquisition of Roof Consulting Services Company

BLUEFIN LLC has announced the acquisition of CyberCon Consulting Inc. This transaction represents an opportunity to enhance the value both companies can deliver to their customers. CyberCon has a history of providing roof consulting services to a variety of customers such as Prologis, American Honda Motor Co., Southern California Edison, and the Denver International Airport. The entire CyberCon team will join BLUEFIN’s staff, and CyberCon’s owner, Nick Lovato, will become senior vice president of BLUEFIN.
 
“We are excited to welcome CyberCon to BLUEFIN,” says Richard Rast, BLUEFIN’s president. “I have admired CyberCon for many years while working in the industry and living in the community close to their operations. We value their success, and we commit to providing their team of employees the resources they need to grow that success even further. Nick Lovato brings technical expertise to our management team, and I look forward to working closely with him to continue providing service to CyberCon’s customers.”   
 
Nick Lovato comments, “CyberCon is proud of the legacy we have established and nurtured over the past 26 years. We view this transaction as an opportunity to continue growing, and we welcome the chance to provide an expanded service offering to our clients. Culturally, this is an excellent fit for us, and we are excited for our future with BLUEFIN.”

FlashCo Acquires All Fab, LLC, Creator of the Easy Flapper

FlashCo has announced the acquisition of All Fab, maker of the patent pending Easy Flapper and a variety of TPO and PVC pipe and vent flashings. FlashCo is working with all of All Fab’s customers in their transition to FlashCo.

“We are excited to add All Fab products to our Northwest and nationwide operations,” says FlashCo President, Greg Morrow. “We have known Roger and Melissa Allestad for many years and we have respect for their designs and ability to develop parts.”

All Fab began operations in 2011, starting in a basement shop and growing to over 15 products including cones, breather vents, scuppers and corners. In 2015, All Fab product designer Roger Allestad developed the Easy Flapper to solve a HVAC issue on flat roofs. The Easy Flapper is an exhaust vent for commercial and residential roofs that prevents backdrafts and similar issues for dryers, bathrooms and kitchen hoods. The Easy Flapper offers installation and maintenance ease, and allows simple application designs. In addition, the Easy Flapper has patents pending.

“Melissa and I are excited to have this opportunity with FlashCo,” says Mr. Allestad. “I will
be returning full-time to Loberg Roofing and it gives me the chance to do what I enjoy, developing new products. It has been a blast building a local accessories company. FlashCo has acquired All Fab LLC, but FlashCo has the national reach to develop and grow the market, especially for the Easy Flapper. FlashCo is the right company to take it forward.”

Melissa Allestad has been a driver in developing a loyal customer base for All Fab in the Northwest. Ms. Allestad will be working closely with FlashCo Regional Sales Manager, Rick Morrow and his team to help customers transition to FlashCo. Over the next several weeks FlashCo and all Fab will be visiting customers together.

“It’s a natural fit,” says Mr. Morrow. “Both companies are dedicated to saving the contractor time and All Fab, just like FlashCo, has focused on customer satisfaction. We are
confident that All Fab’s customers will appreciate FlashCo’s service level and capabilities with our Washington plant, and the ability to deliver most orders is one to three days.”

“For us it’s a little bittersweet,” says Mr Allestad. “We have a hardworking team and we enjoyed growing the company, but the opportunity with Loberg is really too good to pass up. We are fortunate to be able to transition All Fab to FlashCo who can take the products to the next level. Plus, we will continue to consult with FlashCo on product development.”

The full transition of All Fab customers to FlashCo will be completed by the end of May.