Applegate Insulation, Greenfiber merge
Applegate Insulation and Greenfiber, in conjunction with Industrial Opportunity Partners, have joined forces as Applegate • Greenfiber.
The combination of these two companies forms the largest, nationally recognized manufacturer and marketer of cellulose insulation in the North American market, the firms said.
In this new partnership, Tom VanAlstine, the current CFO and acting general manager of Applegate, has taken the role of president and CEO. Vic Birchmeier, the current CFO of Greenfiber, has taken the role of CFO. Richard Applegate will serve as interim vp of sales.
Regarding the new company, VanAlstine said, “Our businesses complement each other strongly between greater coverage from our larger geographic footprint, the relationships we have built across distribution channels, and a mix of talented individuals. I cannot imagine two companies being a better fit.”
Andy Weller, Industrial Opportunity Partners’ operating principal who will be chairman of Applegate • Greenfiber, said, “IOP is pleased to bring these two exceptional companies together and provide the resources and financial strength to support future growth and success.”
Applegate and Greenfiber will combine their long-standing reputations for innovative product and industry leadership to grow and strengthen the cellulose insulation category, and more importantly, ensure a focus on product innovation that will generate better and additional feature-rich products in the marketplace, said the companies.
The new company will capitalize on a shared marketing platform, complementary product portfolios and shared research and development to satisfy the changing needs of homeowners, contractors, builders, architects, and retailers, said the companies.
Based in Webberville, Mich., Applegate Insulation said it is the world’s largest family-owned cellulose insulation manufacturer. Established in 1978, Applegate has 10 production plants across the U.S.
With seven manufacturing plants in the U.S. and Canada, and headquarters in Charlotte, N.C., Greenfiber is the largest manufacturer of cellulose insulation in North America and is at the forefront of insulation technology.
Industrial Opportunity Partners, based in Evanston, Ill., was founded in 2005 by finance and operations executives who build a private equity firm on middle-market manufacturing and distribution businesses.