Wind Point Acquires Leading Specialty Building Products Manufacturer
Wind Point Partners, a leading Chicago-based private equity firm, has partnered with experienced building products executive Dave Ulmer to acquire Ox Engineered Products (“Ox” or the “Company”), a leading specialty manufacturer of structural sheathing and thermal insulation building products.
Ox, based in Constantine, Michigan, is the largest U.S. provider of alternative laminated fibrous board sheathing solutions. Ox also produces structural and non-structural polyisocyanurate (“polyiso”) foam sheathing products out of an automated facility in Charleston, Illinois. Leveraging these strategically-located Midwest facilities, Ox serves both residential and commercial end-markets nationwide.
Paul Peterson, Managing Director at Wind Point, commented, “Ox is a well-established leader in cost-effective, alternative sheathing solutions for homebuilders and commercial builders. Ox’s products deliver a strong value proposition for customers both on cost and performance.” Peterson added, “We are particularly excited to be partnering with Dave Ulmer, who brings strong leadership and a wealth of industry experience.”
Industry veteran Dave Ulmer has joined Ox as CEO. Ulmer most recently served as President and CEO of The Tapco Group, a global manufacturer of innovative exterior building products specializing in siding, decking, and other high performance exterior components. Leading Tapco as CEO, and previously COO, for over 15 years, Dave has extensive experience producing innovative products and supplying end customers through both wholesale distribution and retail channels.
“I am extremely excited to join the Ox team and lead the organization through its next phase of growth,” commented Ulmer. “We plan to build on Ox’s excellent foundation by expanding geographic scope for our customers, developing new products, and executing complementary add-on acquisitions. Residential and commercial builders alike require innovative, energy-efficient solutions at a reasonable cost, and Ox’s products provide just that. With the backing of Wind Point, we plan to invest in Ox’s growth to best service these customers’ needs.”
The investment in Ox is a great example of Wind Point’s strategy of acquiring an entrepreneur-owned business in need of a new leader in one of the firm’s core sectors. Wind Point will seek to further grow the Company both organically and through add-on acquisitions, leveraging the firm’s experience in the specialty materials and engineered products industries. Select previous Wind Point investments in these industries include Aurora Plastics, Novolex, Argotec, and Paragon Films.
Ox Engineered Products was a division of Hanover, Pennsylvania-based Ox Industries. As part of the transaction, Wind Point acquired Ox Industries’ engineered products division, including both the Michigan and Illinois facilities and the building products brands. Ox Industries will continue to operate its remaining paperboard and packaging businesses separately.
Financing for the transaction was provided by funds managed by PennantPark Investment Advisers, LLC and Eaglehill Advisors LLC. Reed Smith LLP served as legal counsel to Wind Point, and BKD, LLP provided transaction advisory services in connection with the transaction.