Tuesday Jun 11, 2019
DISTRIBUTION INTERNATIONAL ACQUIRES SILVERCOTE FROM KNAUF INSULATION
Posted by Distribution International
Houston, TX – Distribution International, Inc. (“DI”), North America’s leading mechanical insulation distributor and a portfolio company of Advent International, today announced the acquisition of Silvercote, LLC and the assets of Silvercote’s Canadian operations (collectively, “Silvercote”) from Knauf Insulation, Inc., and Knauf Insulation Ltd., respectively. Headquartered in Greenville, SC, with 11 branches located across the USA and Canada, Silvercote is a market leading laminator and distributor of metal building insulation (“MBI”) and related products and accessories to metal building manufacturers, specialty contractors and metal building brokers.
“This acquisition is an exciting addition for DI as we continue our journey to deliver high quality insulation solutions and exceptional service to our customers throughout North America. We look forward to welcoming all Silvercote associates, customers and suppliers to the DI family” said Steve Margolius, Distribution International CEO.
Silvercote’s operations will be combined with DI’s existing MBI business under the Silvercote brand and will continue to be headquartered in Greenville, SC. Joey Viselli, the current General Manager of Silvercote, will lead the combined business as DI’s Senior Vice President and General Manager, Specialty Products. “Bringing these two organizations together creates the leading MBI company in North America. I am honored and excited at the opportunity to lead and grow this business as part of the DI family” said Joey Viselli, also noting that “the combined business has a branch footprint that is ideally suited to service our growing customer base across North America.”
As part of the transaction Silvercote will continue to source product from and work closely with Knauf Insulation to ensure uninterrupted service and consistent product to its customers. “We’re looking forward to continuing our partnership with Silvercote and DI,” said Matt Parrish, President and CEO of Knauf Insulation, Inc. “We are excited to be working together to deliver the highest quality services and product solutions for our customers.” This transaction is limited to the Silvercote business.
Mergers and acquisitions are an important element of DI’s growth strategy. Since December 2011, DI has completed 22 acquisitions in the insulation market, expanding its geographic presence across the U.S. and Canada and broadening its product and service offerings.
About Distribution International
Founded in 1986, DI is a value-added distributor of insulation-related specialty fabricated products, HVAC products, and safety supplies in North America. The Houston-based company has over 90 locations and provides its customers with mission-critical products and services across the commercial building, chemicals, energy, power, railcar and marine end markets. The company has the broadest reach of any distributor in its market in the U.S. and Canada.
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 345 private equity transactions in 41 countries. As of December 31, 2018, Advent had $36 billion in assets under management, which does not include the $17.5 billion recently raised for its ninth global private equity fund, GPE IX. With offices on four continents, Advent has established a globally integrated team of over 195 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 35 years dedicated to international investing, Advent remains committed to partnering with management teams to deliver sustained revenue and earnings growth for its portfolio companies.
For more information, visit www.adventinternational.com
About Knauf Insulation
Knauf Insulation is a leading manufacturer of thermal and acoustical glass mineral wool insulation. Knauf Insulation offers a wide-range of insulation products to meet the growing demand for energy efficiency and acoustic performance in residential, commercial, industrial, OEM and metal building applications. It’s Knauf Insulation’s mission to challenge conventional thinking and create innovative solutions that shape the way we live and build in the future, with care for the people who make them, the people who use them and the world we all depend on. Knauf Insulation is part of the Germany-based Knauf Group, a family-owned, multinational producer of building materials and construction systems.
For more information, visit www.knaufinsulation.us