Drew Foam Cos. Inc. has a new owner after just two years under the wing of private equity firm Branford Castle Partners LP.
The Monticello, Ark.-based company that specializes in quick-turnaround expanded polystyrene products announced Nov. 9 that it has been sold to another private equity firm, Wynnchurch Capital.
Terms of the deal were not disclosed.
Drew Foam has been molding and fabricating expanded polystyrene since 1965. Its products include packaging, roof and wall insulation, architectural shapes, geofoam and other construction products.
In a news release, Branford Castle said that Drew's earnings nearly doubled under its ownership, mainly through organic sales growth. Last year Drew Foam also grew through acquisition, when it added Georgia-based Davis Core & Pad Co.
"Our partnership with President and CEO Bill Givens has been incredible," Laurence Lederer, a senior managing director for Branford, said in a news release. "Drew's unique business model allowed it to achieve significant heights despite challenging economic times. This investment outperformed our optimistic expectations."
Drew Foam has plants in Monticello; Portland, Tenn.; Anderson, S.C., and Cave Spring, Ga. Branford Castle bought the company from Gladstone Investment Corp., which had owned the company for six years.
"During our partnership with Branford, Drew Foam has achieved the highest record performance in our 50-year history," Givens said in the release.