Distribution International, an Audax Group portfolio company, announced it has completed the acquisition of IDC Corporation (“IDC”). Headquartered in Long Island City, New York, IDC is a distributor of mechanical insulation, abatement, fire stopping, and safety products for commercial and industrial applications, serving customers in the New York Metro area and surrounding region. This is the second add-on acquisition for Distribution International, Inc. (“DI”), following the December 2011 purchase of Blackhawk Specialty Company. DI, acquired by Audax Group in August 2010, is a distributor of insulation and related specialty fabricated products serving industrial, non-residential construction, and marine end markets from distribution centers in Texas, Louisiana, Mississippi, Alabama, South Carolina, North Carolina, Virginia, Maryland, and New York.
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 IDC acquisition expands DI’s footprint into the Northeastern United States. We will continue to work with management 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 “This is an exciting development for our company and customers. IDC’s superior reputation for customer service coupled with an exceptional management team makes them a natural addition to the DI family of companies. We look forward to working with Thomas McQuillan and his team to share best practices across the businesses.”
Thomas McQuillan, President of IDC, said “This acquisition is a positive outcome for our employees and customers. In joining DI, we will now be able to provide additional services and capabilities to our customers, while maintaining the standards of service that they have come to expect. I look forward to working with Doug Waugaman and the DI team as we continue to build the company.”
Fredrikson & Byron LLP served as counsel to Audax Group.