Evanston, Ill., December 3, 2021 – Industrial Opportunity Partners (“IOP”), an operations-focused private equity firm based in Evanston, Ill., today announced that it has completed the sale of portfolio company Union Corrugating Company Holdings, Inc. (“Union Corrugating” or the “Company”) to Cornerstone Building Brands, Inc., (NYSE:CNR), a manufacturer of exterior building products for residential and low-rise non-residential buildings in North America. The divestiture represents IOP’s eighth investment realization from its $275 million second fund, Industrial Opportunity Partners II, L.P. Terms of the transaction were not disclosed.
Union Corrugating is a provider of metal roofing, metal buildings, roofing components and accessories. Headquartered in Fayetteville, North Carolina, Union Corrugating has approximately 700 employees across the Central and Eastern U.S. regions.
IOP Operating Principal David Mackin served as Union Corrugating’s Chairman of the Board, providing strategic oversight of the Company during IOP’s investment period. Mr. Mackin said, “Through the leadership and dedication of the Company’s management team, led by President and CEO Keith Medick, Union Corrugating has achieved substantial growth, and I believe the Company will thrive under Cornerstone Building Brands ownership.”
Chris Willis, Managing Director of IOP, added, “We are excited for Union Corrugating to join the Cornerstone Building Brands platform, and we believe both businesses will benefit from the expansion in scale, product line and depth of customer and supplier relationships. We would like to thank the management team of the Company and wish them continued success in the future.”
Keith Medick, CEO of Union Corrugating, said, “IOP has been a terrific partner for Union Corrugating. Under their ownership, we have been able to grow the company significantly along with improving our operations and financial performance. It was a pleasure to work with the IOP team and it was a natural next step to be acquired by a strategic partner who will fuel the continued success of the company.”
Piper Sandler acted as financial advisor and McDermott Will & Emery LLP provided legal representation to IOP in connection with the sale transaction.
About Union Corrugating Company
Union Corrugating is a provider of metal roofing, metal buildings, roofing components and accessories. Headquartered in Fayetteville, North Carolina, Union Corrugating has approximately 700 employees across the Central and Eastern U.S. regions. For more information, visit Union Corrugating’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 sales 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.