North Carolina, US – Specialty Products and Insulation (SPI), based in Charlotte, North Carolina, has purchased Spray Foam Distributors of New England and Spray Foam Distributors of Boston (Spray Foam). A privately held business, Spray Foam has been in operation in New Hampshire since 2005, and Boston since 2017. The acquisition was completed on December 30, 2022.
Spray Foam – which distributes spray foam materials and equipment, and makes custom-built spray foam rigs – was advised on the sale by Dallas-based mergers and acquisitions specialist, Generational Equity (GE). The buyer, SPI, is a portfolio company of Pittsburgh-based Incline Equity Partners, and is a distributor and fabricator of mechanical and building insulation products.
GE executive, Rick Buchoz, established the initial relationship with Spray Foam. The deal with SPI was closed by GE executive David Fergusson and a team led by Moses Shmueli with the support of Tristan Keeffe.
GE managing director, M&A, Moses Shmueli said: “While there was a strong amount of interest for this business, it was clear from the start that SPI/Incline would make an ideal acquirer.
“Spray Foam offers unparalleled customer support and training as well as a strong foothold in the Northeast. I look forward to seeing how SPI takes Spray Foam’s business model and unique know-how nationwide.”
