Evanston, Ill., September 26, 2019 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that its existing portfolio company Union Corrugating Company (“Union”) has acquired Oakland Metal Buildings (“Oakland” or the “Company”). Oakland will operate as a plant location supporting the Union platform. Terms of the transaction were not disclosed.
Oakland is a manufacturer and distributor of pre-engineered metal buildings. The Company operates out of a single facility in Florence, Ala. with over 130,000 sq. ft. of manufacturing capacity for pre- engineered metal buildings. The Company’s products are used in commercial, post-frame/agricultural and other industrial applications. Oakland’s customer base consists primarily of contractors.
Union is a manufacturer of metal roofing systems, roofing components, and pre-engineered metal buildings. Its products are used in residential, post frame/agricultural and commercial applications and are sold through lumber retailers, home centers, wholesalers, contractors and directly to consumers. Union is based in Fayetteville, N.C. with seventeen additional low-cost, efficient manufacturing and distribution facilities located throughout the Southeast, Mid-Atlantic and Midwest U.S.
Dave Mackin, the Chairman of Union and IOP Operating Principal, noted, “It is very exciting to have Oakland Metal Buildings join our portfolio company Union Corrugating. We believe Oakland’s management team has built a great company and look forward to expanding the business across Union’s served geography.”
Union President and Chief Executive Officer, Keith Medick noted, “The addition of Oakland Metal Buildings significantly increases our manufacturing capacity for metal buildings and allows us to continue growing that business while also giving us a location in the Alabama market from which to sell Union’s metal roofing products.”
McDermott Will & Emery LLP represented IOP and Union in the transaction.
About Oakland Metal Buildings
Oakland is a manufacturer and distributor of pre-engineered metal buildings and operates out of a single facility in Florence, Ala. For more information, visit Oakland’s website at www.oaklandmetal.com.
About Union Corrugating Company
Union is a manufacturer of metal roofing systems and roofing components for use in residential, commercial, and post frame/agricultural applications. The company is based in Fayetteville, N.C. with seventeen manufacturing and distribution facilities. For more information, visit Union’s website at www.unioncorrugating.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with $910 million of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with revenue between $30 million and $400 million. IOP focuses on businesses with strong product, customer, and market positions, and provides management and operational resources to support sales and earnings growth at its businesses. For more information, visit IOP’s website at www.iopfund.com.