Distribution International (“DI”), an Audax Group portfolio company, announced it has completed the acquisition of Crossroads C&I Distributors, LP (“Crossroads”). Headquartered in Edmonton, Alberta, Crossroads is a distributor and fabricator of industrial and commercial insulation products and accessories in Canada. 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. Since Audax’ initial investment in August 2010, DI has acquired Blackhawk Specialty Company of Port Arthur, Texas, and IDC Corporation of Long Island City, New York. DI completed a merger with Thorpe Products, a portfolio company of The CapStreet Group, in May 2012.
Young Lee, Managing Director, Audax Group, said “DI is a leading provider of specialty insulation products with a stable customer base in a growing and fragmented industry. The acquisition expands and DI’s footprint into Canada. 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, Distribution International, said “The acquisition of Crossroads is an exciting development for Distribution International and its customers, who will now benefit from Crossroads’ exceptional reputation for customer service and wider product assortment. We look forward to working with Martin Bates and the Crossroads team to share best practices across the companies and continue building our business as the best-in-class distributor.”
Martin Bates, Chief Executive Officer of Crossroads, said “In joining DI, we will provide additional services and capabilities to our customers while maintaining the exceptional service they have come to expect. I look forward to working with Doug Waugaman and the DI team as we continue to build the company.”
Raymond James & Associates, Inc. advised Crossroads. Kirkland & Ellis LLP served as counsel to Audax Group and The CapStreet Group.