Distribution International, an Audax Group portfolio company, announced it has completed the acquisition of Lecco Industries d/b/a Blackhawk Specialty Company (“Blackhawk”). Headquartered in Port Arthur, Texas, Blackhawk is a distributor and fabricator of insulation materials and safety equipment for diversified industrial markets in Texas and Louisiana. This is the first add-on acquisition for Distribution International, Inc. (“DI”), which Audax Group acquired in August 2010. Based in Houston, Texas, DI is a distributor of industrial, commercial and marine insulation and related specialty fabricated products serving industrial, non-residential construction and marine end markets.
*Young Lee, *Managing Director, Audax Private Equity, said “DI is a leading distributor of specialty insulation products with a stable customer base in a growing and fragmented industry. The Blackhawk acquisition solidifies DI’s regional footprint in Texas and Louisiana. We will continue to grow the company through penetration of adjacent industry verticals, geographic expansion, and strategic add-on acquisitions.”
Doug Waugaman, Chief Executive Officer of DI, said “The acquisition of Blackhawk will enhance DI’s operations and provide customers with greater product breadth and higher service levels. We welcome the Blackhawk employees to the DI family and we look forward to working together to better serve our customers in the future.”
*Kathy Brau, *Chief Executive Officer of Blackhawk, said “I have always respected DI as a competitor and it was a pleasure working with them on this transaction. Given their national footprint and broad industry expertise, DI was the logical buyer for my business and I’m confident they will continue Blackhawk’s tradition of great customer service.”
Fredrikson & Byron LLP served as counsel to Audax Group. Orgain, Bell & Tucker LLP served as counsel to Blackhawk.
