Wynnchurch Capital Merges Indiana Limestone with Polycor
Rosemont, IL – October 11, 2018 — Wynnchurch Capital (“Wynnchurch”), a leading middle market private equity firm, announced that its portfolio company Indiana Limestone Holdings Inc. (“Indiana Limestone Company” or the “Company”), North America’s largest producer of natural dimensional limestone and Indiana limestone building products, has merged with Polycor Holding, Inc. (“Polycor”), North America’s largest natural dimensional stone producer.
Headquartered in Bloomington, Indiana and founded in 1926 (predecessor firms had been quarrying limestone since the mid-1800s), Indiana Limestone Company is the premier supplier of Indiana limestone building products. This internationally renowned natural dimensional stone, often referred to as America’s Building Stone, is the highest quality quarried limestone in North America and is found on iconic structures including the Empire State Building, National Cathedral, and Rockefeller Center. With more than 4,500 acres of reserves and operating from its seven quarries and two manufacturing plants, Indiana Limestone Company reliably provides the highest quality products and services carefully tailored to the needs of the building and hardscape market with an environmental, natural focus.
John Hatherly, Founder and Managing Partner at Wynnchurch, stated, “Indiana Limestone represented an opportunity to rejuvenate a company with a strong brand, broad distribution, and differentiated products. We are very proud and appreciative of the team’s leadership and accomplishments; significant value creation was driven through operational excellence, investment in new products, and an improved go-to-market strategy.”
Duncan Bourne, Managing Director at Wynnchurch, added, “Indiana Limestone’s merger with Polycor positions the combined business as the solution of choice for architects, builders, dealers and other stakeholders in the natural stone value chain. We partnered with the management team in restoring Indiana Limestone’s legacy and we are proud of the Company’s growth and accomplishments. We look forward to the combined businesses enhancing this momentum even more.”
“Wynnchurch has been a valued partner as we have continued to build on our position as the leading provider of Indiana Limestone material and develop our, unique to the industry, standard line of building products,” said Chief Executive Officer of Indiana Limestone, Tom Quigley. “Wynnchurch provided tremendous support, including access to financial and operational resources, which helped management grow the business, drive continuous improvement and execute on our strategy. Through this merger, with a more diversified and expansive geographic presence, ILCO’s offices in Bloomington will drive meaningful growth through cross-selling synergies, mutual geographic expansion, and sharing of best practices, growing in all phases of business operations. Existing customers and suppliers can expect a seamless transition and to receive the same quality of service they have come to expect over time.”
Vedder Price acted as legal advisor to Indiana Limestone and Wynnchurch in the sale process.
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 Wynnchurch Capital:
Wynnchurch Capital, LLC, 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 Capital manages a number of private equity funds with $2.2 billion of committed capital under management and specializes in recapitalizations, growth capital, management buyouts, corporate carve-outs and restructurings. For more information, please visit: www.wynnchurch.com.