Building Industry Partners launches North American Specialty Laminations
Building Industry Partners LLC (BIP), the private equity investment firm that has been a force behind the formation of some of the industry’s largest building material companies, has launched a new company.
In partnership with industry veteran Ted Rock, BIP has formed a new building products component manufacturing platform: North American Specialty Laminations (American Laminations).
The launch includes the acquisition of the assets of SourceCut Industries. The move was made in partnership with SourceCut’s existing ownership and management team.
Founded in 1999, SourceCut is a fast-growing manufacturer of laminated, composite, and wood components serving the residential and commercial window and door, cabinet and casegood, architectural Millwork, furniture, and fixture and display industries.
In a press release issued by BIP, the company said that the partnership and investment in SourceCut will help bring to life the Wiedenhoeft family’s vision for the business – investing in human and capital resources to bolster service of existing and new customers and position the business for significant organic and acquisition-related expansion.
Brad Wiedenhoeft, founder of SourceCut, will continue with American Laminations as chief revenue officer. Zach Wiedenhoeft continues in his current role of president, with responsibility for the day-to-day operations of facilities in Osseo, Wis. Both executives will support Rock who will serve as CEO of North American Specialty Laminations.
SourceCut Industries will retain its business’ name. The financial terms of the agreement were not disclosed.
“North American Specialty Laminations is BIP’s second new platform under our people-first purpose,” said Matt Ogden, founder and managing partner of BIP.
According to Ogden, BIP renewed its purpose to drive a new standard in its investing that better aligns shareholder, management and employee interests. He also said the new strategy “prioritizes human capital management as a strategic pillar to building better businesses, generating better investment returns, and helping employees actualize their career goals.”
In July, BIP formed a new regional pro dealer organization, Southeast LBM Interests (Southeast LBM). The new LBM organization was created through the acquisition of the assets of the Warner Robins family of businesses: Warner Robins Building Supply Co., Henson Building Materials, and Mountain Building Supply (collectively, Warner Robins Supply).
Rock has more than 15 years of experience with building products manufacturing companies. He most recently served as CEO of Panoramic Doors, senior vice president of PGT Innovations, and as COO of Atrium Windows and Doors.
Pat Mascia, Partner & Head of Strategic Development for BIP, said, “We are grateful for the opportunity to partner with a talented and experienced leader like Ted Rock - his unique experience across private equity, specialty manufacturing, and the window and door segment make him especially qualified to lead American Laminations.”
Founded by Matt Ogden in 2008, BIP is headquartered in Boston, with partners across the U.S. The company has helped launch some of the industry’s biggest players, including U.S. LBM Holdings, Kodiak Building Partners, United Cabinet Holdings, Rugby Architectural Building Products, Homewood Holdings, and U.S. Fence Solutions Co / Binford Supply.
“It has been a pleasure to get to know the Wiedenhoeft family, and a privilege to be entrusted to lead this platform alongside them,” Rock said. “I am delighted by the opportunity to partner with BIP, a firm that I have admired both for their investment track record and for their explicit commitment to the employees of BIP portfolio companies.”
Two BIP operating partners – Peter Stroble and Chris Kliefoth – will be joining the board of North American Specialty Laminations as directors. Stroble previously held roles as Chief Strategy Officer, COO, and CFO of Alta Forest Products as well as President of Alta's predecessor, Welco Lumber Company.
Kliefoth is a Wisconsin native, with deep experience in private equity, manufacturing, and leadership – including serving more than 15 years as president of Nationwide Industries.
Partners involved in this deal were Holland & Knight LLC and Fifth Third Bank along with Intrinsic LLC, CBIZ Insurance Services, Inc., DSG Benefits Group, and ATEC.
