PE controlled Polycor acquires Indiana Limestone Company

Polycor Inc., a portfolio company of TorQuest Partners, PNC Capital and Goldpoint Partners, has acquired Indiana Limestone Company (ILCO) from Wynnchurch Capital. Financial terms were not disclosed.

Bloomington, Indiana based Indiana Limestone Company is a leading dimensional limestone quarrier and building products producer. Wynnchurch Capital acquired the assets of ILCO out of bankruptcy in May 2014.

Existing ILCO shareholders will become significant minority shareholders in the combined entity.

All plants and quarries will continue to operate as normal, with both the Polycor and ILCO management teams leading their respective business operations going forward.

photo credit: Indiana Limestone

News Release

Stone Quarrier Polycor Inc. Expands Its Geographic Presence by Merging with Indiana Limestone Company

Polycor now establishes itself as the global leader in the natural stone industry.

QUEBEC CITY, Oct. 11, 2018 /PRNewswire/ – The largest producer of natural stone in North America, Polycor Inc., is pleased to announce the completion of its merger with Indiana Limestone Company (“ILCO”), a leading dimensional limestone quarrier and building products producer headquartered in Bloomington, Indiana. This announcement comes shortly after Polycor’s recent acquisition of four limestone quarries in France in July, now positioning the company as a global leader in the natural stone industry.

United by a common business culture, the merger is expected to drive meaningful growth through cross-selling synergies, geographic expansion, and sharing of best practices. In addition, the merger will provide an expanded product offering for customers of both companies, positioning the combined business as the solution of choice for architects, builders, dealers and other stakeholders in the natural stone value chain. Existing customers and suppliers can expect a seamless transition and to receive the same quality of service they have come to expect over time.

“This transaction represents another milestone in Polycor’s journey to become the global leader in the natural stone industry,” says Patrick Perus, President and CEO of Polycor Inc. “we are thrilled to be joining forces with the leading producer of Indiana limestone in ILCO, and look forward to welcoming this world-class team into the Polycor family.” ILCO is a Nationally recognized brand in North America’s natural stone industry, with its stone being used in the construction of some of the U.S. most iconic buildings and monuments. ILCO also produces a wide range of natural stone masonry and hardscape products for use in residential, commercial, institutional and renovation applications.

Tom Quigley, CEO of ILCO, said “Our business today touches the lives of dealers, fabricators, distributors and architects worldwide. We are proud to be a part of a great industry. Now, by joining with Polycor, a business partner with whom we share common values, passion and ambition, there is unlimited potential to expand our offering and deliver even greater value to our customers.”

Through this merger, both companies expect continued growth and momentum in all phases of business operations. As such, all plants and quarries will continue to operate as normal, with both the Polycor and ILCO management teams leading their respective business operations going forward. Existing ILCO shareholders will become significant minority shareholders in the go-forward entity as the business embarks on its next phase of growth. With a more diversified and expansive geographic presence, ILCO’s offices in Bloomington will serve as a primary base to support continued expansion in North America.

About Polycor Inc.
Polycor Inc. is the world’s leading natural stone quarrier and its core mission is to make people fall in love with natural stone. Their world-class reputation comes from a great legacy of stone work on historical landmarks, institutional, commercial and residential projects. Founded in Québec City (Canada) in 1987, the company now employs nearly 1,100 people and owns over 44 quarries and 17 manufacturing plants across North America and Europe. For more information, visit their website or follow their social media profiles on Facebook, Twitter, LinkedIn and Instagram.

About ILCO
Indiana Limestone Company is unmatched as the premier supplier of Indiana limestone in a range of beautiful and lasting building products. Founded in 1926 (with predecessor firms that had been quarrying limestone since the mid-1800s), Indiana Limestone Company today remains the provider of choice for this internationally renowned natural stone. Throughout an illustrious history in which its stone has made such iconic structures as the Empire State Building, National Cathedral, and the Pentagon, Indiana Limestone Company has reliably provided the highest quality products and services carefully tailored to the needs of the market with an environmental, natural focus.

SOURCE Polycor Inc.


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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