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Gladstone Investment buys Drew Foam

By: Frank Esposito

August 27, 2012

MONTICELLO, ARK. (Aug. 27, 2:50 p.m. ET) — Expanded polystyrene foam molder Drew Foam Cos. Inc. has been acquired by business development firm Gladstone Investment Corp. for an undisclosed price.

Monticello, Ark.-based Drew Foam had been owned by Pine Creek Partners, a Washington, D.C.-based private equity firm. Drew Foam operates plants in Portland, Tenn., and Anderson, S.C. The firm makes specialty EPS foam for a variety of applications in the packaging and construction markets.

Gladstone is a publicly held firm based in McLean, Va.

Mesirow Financial of Chicago served as Drew Foam’s exclusive advisor on the deal.

“Our customers and employees will both benefit as Gladstone and Drew Foam join together and continue to grow the company’s product offering and geographic reach,” Drew Foam CEO Bill Givens said in an Aug. 27 news release.