Wynnchurch Capital Acquires Drew Foam Companies
Rosemont, IL – November 11, 2020 – Wynnchurch Capital, L.P. (“Wynnchurch”) announced today that it has acquired Drew Foam Companies, Inc. (“Drew” or the “Company”). Drew is a leading manufacturer of custom fabricated and molded expanded polystyrene (“EPS”) products for the packaging, building products and OEM/consumer end markets. The Company offers both fabricated block and shape molding capabilities across four manufacturing facilities located throughout the Southeast U.S. The Company is well positioned to benefit from growing product categories, particularly in geofoam for construction applications and insulated shipping containers for cold chain applications in markets such as food and healthcare.
“Drew has always been committed to delivering best-in-class service to our customers. Wynnchurch shares our philosophy of placing customer needs first, and we are excited to accelerate our growth plans alongside Wynnchurch,” said Bill Givens, CEO of Drew.
Frank Hayes, Managing Partner at Wynnchurch, said, “Wynnchurch is eager to partner with Drew. The Company fits our investment philosophy of acquiring a differentiated market leader known for its strong customer service with significant organic and inorganic growth potential.”
Paul Ciolino, Partner at Wynnchurch, said, “Drew has built a reputation for its high level of service, excellent product quality, and flexible logistic capabilities. We are excited to partner with Drew to support its next stage of growth.”
Erin Murphy, Managing Director at Wynnchurch, said, “Drew has differentiated itself from its competitors through its customer centric business model. We look forward to continuing to expand on these customer relationships through Drew’s diverse and expanding product offering.”
Wynnchurch Capital is actively seeking investment opportunities for its $2.277 billion Fund V. In September, Wynnchurch made its first Fund V platform equity investment when it acquired Labrie Environmental Group, a leading manufacturer of refuse collection vehicles across North America. Other recent Wynnchurch investments include: Pennsylvania Machine Works, a fully integrated manufacturer of high pressure forged fittings and branch connections; Western Forge & Flange, a leading manufacturer of high-quality, specialty forgings and flanges; Clyde Industries, a leading designer and manufacturer of sootblowers, a critical component within recovery, power, and steam boilers; and Eastern Metal Supply, a leading value-added distributor of aluminum extrusions and related products.
About Drew Foam Companies, Inc.:
Founded in 1965, Drew is a leading manufacturer of custom EPS block and shape molding products in the Southeast U.S. The Company offers a diverse product offering, high level of customer service and a differentiated just-in-time delivery model. The Company is headquartered in Monticello, Arkansas, and operates manufacturing facilities in Tennessee, South Carolina and Georgia. For more information, please visit: https://www.drewfoam.com.
About Wynnchurch Capital:
Wynnchurch Capital, L.P., headquartered in the Chicago suburb of Rosemont, Illinois, with offices in California and Canada, was founded in 1999, and is a leading middle-market private equity investment firm. Wynnchurch’s strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch manages a number of private equity funds with $4.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: https://www.wynnchurch.com.