DISTRIBUTION INTERNATIONAL ANNOUNCES THE ACQUISITION OF CERTAIN ASSETS OF STATE INSULATION CORPORATION, ALLSTATE INSULATION CORPORATION, ALLSTATE, LLC, AND STATE LAMINATING CORPORATION
AUGUST 6, 2014
HOUSTON--Distribution International, Inc., (“DI”) announced it has completed the acquisition of certain assets from State Insulation Corporation, State Laminating Corporation, Allstate Insulation Corporation, and Allstate, LLC (“The State/Allstate Companies”). Headquartered in Perth Amboy, NJ with additional locations in New York and Pennsylvania, The State/Allstate Companies are stocking distributors of mechanical insulation and HVAC products. Based in Houston, Texas, DI is a portfolio company of Audax Private Equity (“Audax”) and The CapStreet Group (“CapStreet”).
Celeste Mastin, CEO of DI said “Our recent purchase of the State/Allstate Companies further strengthens our position in the New York, New Jersey, and Pennsylvania markets. We’re excited to have George Lionikis join the DI team and lead our expansion plans in the region. George brings us over 37 years of knowledge in the mechanical insulation and HVAC industries, as well as strong relationships with customers and vendors. I have great respect for his leadership and the company he and his team have built. Everyone at DI is looking forward to working with George and we welcome the opportunity to service The State/Allstate Companies’ loyal customer base in the Tri-City area.”
George Lionikis, President of The State/Allstate Companies and new Regional Manager, Northeast for DI, said “This is an exciting opportunity for our customers, vendors, and employees. I am looking forward to working with the DI team; together we will continue our vision to “Exceed Customer Expectations at every opportunity.”
DI is a value added distributor of insulation, related specialty fabricated products, and safety supplies. DI serves industrial, commercial and marine customers from distribution centers in Texas, Louisiana, Mississippi, Alabama, Arkansas, Tennessee, Kentucky, Missouri, Michigan, South Carolina, North Carolina, Pennsylvania, Virginia, Maryland, New York, and New Jersey in the United States, as well as British Columbia, Alberta, Ontario, Quebec, and Nova Scotia in Canada.
Contact: Dana VLK, VP of Marketing, Distribution International 410-365-0457 www.distributioninternational.com
ABOUT AUDAX GROUP
Audax Group, founded in 1999, is a leading investor in lower-middle market companies. With offices in Boston, New York, and Menlo Park, Audax has over $5.5 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.
ABOUT THE CAPSTREET GROUP
The CapStreet Group is a private equity firm that invests in owner-managed, lower middle market companies headquartered in Texas and surrounding states, with a particular emphasis on companies headquartered in the greater Houston area. CapStreet targets companies operating in the industrial distribution, industrial manufacturing and business service sectors and partners with management to accelerate growth and improve profitability. For more information, visit The CapStreet Group website www.capstreet.com.
Fredrikson & Byron P.A. served as legal counsel to Audax and CapStreet.
Young Lee – Managing Director, Audax Group (617) 859-1532
Joseph P. Rogers – Managing Director, Audax Group (617) 859-1547
Paul De Lisi – Principal, The CapStreet Group (713) 332-2722