Building Industry Partners acquires Haida Industries
North American Specialty Laminations, owned by the LBM investment firm Building Industry Partners (BIP), has acquired Haida Industries LLC.
Going forward, Haida will operate as SourceCut West. Located in Sparks, Nev.,
Haida Industries specializes in profile lamination of PVC, MDF, wood, aluminum and fiberglass, for window and door extrusion, door jambs, baseboards, trims, picture and mirror frames, for both interior and exterior finishes.
Terms of the acquisition were not disclosed.
SourceCut Industries focuses on window, millwork, and building product component profile wrapping, and is headquartered in Osseo, Wis.
American Laminations invests in and grows companies that manufacture and manipulate specialty substrates and laminate and wrap component profiles for customers in the window, door, flooring, specialty millwork, and cabinet and casegoods markets.
Supported by BIP, American Laminations was launched about a month ago and included the acquisition of the assets of SourceCut Industries. The move was made in partnership with SourceCut’s existing ownership and management team.
In a press release issued by BIP, American Laminations said that it “takes a people-first approach to management and looks to partner with leaders that share the belief that aligning interests with employees is the best way to build strong businesses that serve their customers well—and in doing so create shared economic prosperity for all.”
The expansion to the Reno, Nev. market establishes a western manufacturing and distribution hub for SourceCut, enabling the American Laminations platform of companies to service building products companies in the Western United States, BIP said.
“We are honored and thrilled to welcome Haida into the American Laminations family of businesses as the second investment in our platform, operating as SourceCut West,” said Ted Rock, American Laminations CEO. “Put simply, our customers have national distribution needs and reach, and we are expanding to accommodate these needs.”
Brad Wiedenheoft, the founder of SourceCut and the CRO of American Laminations, added, “geographic expansion was an impetus for partnering with BIP to create American Laminations and this acquisition is a critical first step. We look forward to further expansion.”
According to Pat Mascia, partner at BIP, commented, Reno is a location that was identified as attractive because it allows SourceCut to serve the West (U.S.).
“Consumers are demanding color and cost-effective and environmentally friendly solutions. Profile wrapping for building product manufacturers meets these interests,” Mascia said.
American Laminations noted that it is actively seeking to invest in companies with expertise in substrate manipulation as the platform expands to meet customer demand in building products.
Partners involved in this opportunity were Holland & Knight LLP and Fifth Third Bank.
BIP is a private equity investment firm focused on the U.S. building industry. Founded by Matt Ogden in 2008, BIP is headquartered in Boston, with partners across the U.S.
