Evanston, Ill., January 12, 2023 – Operations-focused private equity firm Industrial Opportunity Partners, LLC (“IOP”) today announced that its existing portfolio company Applegate Greenfiber Holdings LLC (“Applegate Greenfiber”) has acquired the assets of United Fibers, which operates a materials recovery facility (“MRF”) and cellulose insulation plant in Chandler, Ariz. Terms of the transaction were not disclosed.
Applegate Greenfiber, formed by IOP in 2021, is the largest manufacturer of cellulose insulation in the North American market. The acquisition of United Fibers provides Applegate Greenfiber with expanded production capabilities to support its growth in providing environmentally preferred and safe cellulose insulation to both residential and commercial markets across the Southwest. In addition to its robust thermal, acoustic, fire, and air insulation properties, cellulose insulation is a carbon negative, sustainable product that is made primarily from recycled materials, does not require harsh chemicals to produce, and contributes towards lower energy usage.
Andy Weller, the Chairman of Applegate Greenfiber and IOP Operating Principal, commented that “We are pleased to add United Fibers’ integrated MRF and cellulose production facility to our network to support our customers. United Fibers’ excellent operations, capacity, and geographic footprint make this an impactful acquisition for Applegate Greenfiber.”
Applegate Greenfiber President and CEO, Tom VanAlstine, said, “We feel very privileged to add the United Fibers operation to our portfolio, allowing us to better service our customers in the Southwest and continue to expand the presence of cellulose within the insulation industry.”
About United Fibers
United Fibers operates as a trusted recycling partner of multiple Greater Phoenix communities and, using primarily the recycled material from these operations, manufactures and distributes cellulose insulation across the Southwest market. United Fibers operates a single 76,000 square foot facility in Chandler, Ariz., capable of producing over 75 million pounds of cellulose insulation annually. For more information, visit www.unitedfibers.com.
About Applegate Greenfiber
With fifteen manufacturing plants in the United States and Canada and headquarters in Charlotte, N.C., Applegate Greenfiber is the largest manufacturer, marketer, and distributor of cellulose insulation in North America and is at the forefront of insulation technology continuing to lead the way with innovative products and solutions for the residential remodeling and new home construction markets. Applegate Greenfiber believes that a home should feel like a sanctuary, a safe space for a family to just be. Applegate Greenfiber is committed to offering insulation that does more than regulate temperature – it brings more peace, quiet and comfort to a house while supporting the health and well-being of those who call it a home. For more information, visit Applegate Greenfiber’s website at www.greenfiber.com.
About Industrial Opportunity Partners
IOP, an Evanston, Ill.-based private equity firm with over $1.5 billion of committed capital since inception, is dedicated to creating value through investing in manufacturing and value-added distribution businesses with sales between $50 million and $500 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.