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Indiana Limestone Company

Indiana Limestone Company

Quarrier and fabricator of dimensional limestone.

Deal Team

Duncan S. Bourne


Based in Bloomington, IN, Indiana Limestone is a leading quarrier and fabricator of dimensional limestone. With legacy operations dating back to the mid-1900s, the company controls 70% of Indiana and 30% of U.S. dimensional limestone reserves. Products are sold into the commercial, institutional and residential building industries.


Wynnchurch acquired the senior secured bank debt of Indiana Limestone in January 2014 and became the company’s DIP lender when Indiana Limestone filed Chapter 11 in February 2014. In May 2014, Wynnchurch acquired the assets of Indiana Limestone out of bankruptcy.


Indiana Limestone represented an opportunity to acquire a market leader at an attractive valuation at a cyclical low point. Prior owners had restricted capital expenditures and quarrying operations, and liquidated excess inventory to generate cash. As a result, the inventory mix deteriorated and the average selling price dropped, leading to a significant revenue decline and defaults of the company’s senior loan agreement. The company’s lenders were seeking an exit. Wynnchurch differentiated itself in a sale process mandated by the banks by being the only firm willing to purchase the senior secured bank debt. This facilitated a quick exit for the banks and an allowed Wynnchurch to provide debtor in possession financing to fund the company’s operations during its bankruptcy.


Wynnchurch hired a new CEO with significant building products experience. The company has expanded quarrying operations and is focused on building a high quality inventory mix. Additionally, the company has exited the cut stone business and certain unprofitable finished goods product lines while consolidating fabrication operations and rightsizing its labor force. Management and Wynnchurch continue to focus on improving operations, implementing lean manufacturing processes, creating a renewed customer focus and improving the company’s go to market strategy.

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