Distribution International, Inc., a portfolio company of Advent International, through its wholly owned Canadian subsidiary, Crossroads C&I Distributors, Inc., has acquired certain assets of Frost Insulation Supplies, Inc. Financial terms were not disclosed.
Surrey, BC based Frost provides mechanical insulation and related supplies to some of Western Canada’s largest specialty insulation and HVAC contractors.
Since December 2011, Distribution International has completed 21 acquisitions in the mechanical insulation market, expanding its geographic presence across the U.S. and Canada and broadening its product and service offerings.
Distribution International, formerly a portfolio company of Audax Group and The CapStreet Group, recapitalized Edmonton, Alberta based Crossroads C&I Distributors in July 2012, replacing Yellow Point Equity Partners as the principal shareholder of Crossroads C&I Distributors.
Advent International acquired Distribution International from Audax and CapStreet in December 2015.
DISTRIBUTION INTERNATIONAL’S CROSSROADS C&I ACQUIRES FROST INSULATION SUPPLIES, INC.
HOUSTON- Distribution International, Inc. (“DI”), the leading distributor and fabricator in the mechanical insulation market and portfolio company of Advent International, today announced its wholly owned Canadian subsidiary, Crossroads C&I Distributors, Inc., (“Crossroads”), has acquired certain assets of Frost Insulation Supplies, Inc. (“Frost”). Located in Surrey, British Columbia, Frost provides mechanical insulation and related supplies to some of Western Canada’s largest specialty insulation and HVAC contractors. Financial terms of the transaction were not disclosed.
“This acquisition aligns perfectly with our strategy of accelerating growth by continuing to consolidate our core mechanical insulation market in North America,” said Steve Margolius, DI’s CEO. “We are excited to support the Crossroads team and expand our presence in one of our strongest markets.”
Korey Haun, President of Crossroads C&I, said, “We are thrilled to partner with the Frost team and look forward to providing our combined customers with the highest quality products and service in the industry.”
Chris Ceraldi, President of Frost Insulation Supplies, Inc. added “We are excited to be partnering with Canada’s leading mechanical insulation distributor. Crossroads, with its superior customer service and technical support, is a perfect fit with Frost’s core values.”
Mergers and acquisitions are an important element of DI’s growth strategy. Since December 2011, DI has completed 21 acquisitions in the mechanical insulation market, expanding its geographic presence across the U.S. and Canada and broadening its product and service offerings.
About Distribution International (DI)
Founded in 1986, DI is a value added distributor of insulation, related specialty fabricated products, HVAC, and safety supplies in North America. The Houston-based company has 85 branch locations and provides its customers with mission-critical products and services across the commercial building, chemicals, energy, power, railcar and marine end markets. Most of DI’s sales are derived from ongoing maintenance and repair spending in industrial installations and commercial buildings. The company has grown significantly over the past five years, having completed 20 acquisitions and has the broadest reach of any distributor of mechanical insulation products in the U.S. and Canada. For more information, visit www.distributioninternational.com or www.crossroadsci.com.
About Advent International
Founded in 1984, Advent International is one of the largest and most experienced global private equity investors. The firm has invested in over 335 private equity transactions in 41 countries and as of March 31, 2018, had $41 billion in assets under management. With offices on four continents, Advent has established a globally integrated team of over 190 investment professionals across North America, Europe, Latin America and Asia. The firm focuses on investments in five core sectors, including business and financial services; healthcare; industrial; retail, consumer and leisure; and technology, media and telecom. After more than 30 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.