May 22, 2024 – Blue River Financial Group advised Specialty Products & Insulation (SPI), a leading value-added distributor and fabricator of mechanical and building insulation products and a portfolio company of Incline Equity Partners, on the recent acquisition of EnerFlex Insulation. The acquisition will bring exciting updates to SPI, allowing product expansion into the industrial removable insulation space.

Founded in 1982, Specialty Products & Insulation (SPI) supplies products that conserve energy, preserve worker safety, and provide noise abatement throughout the U.S. and Canada.  SPI’s product lines include 35,000 SKUs across commercial, industrial, residential, marine, and OEM markets and are used in thermal, acoustic, and fire protection applications.

EnerFlex Insulation is a leading manufacturer of removable insulation jackets and covers based in Baytown, Texas. The company has more than 60 years of combined experience in the insulation cover manufacturing industry, and is known for its strong customer relationships, high-quality products, and excellent service.

Daniel Sundby, Managing Director at Blue River, said We’re grateful for the opportunity to connect the leadership of EnerFlex and SPI on this transaction. For SPI, partnering with EnerFlex brings continued expansion into the removable insulation jackets and covers category. For EnerFlex, partnering with an industry leader brings tremendous growth opportunities for employees and leadership. We’re excited for the SPI/EnerFlex teams as they build something great together!”

“Blue River is fortunate to have great clients like SPI and IEP who have a clear vision for their strategic growth, and they continue to execute on it. It helps us as advisors connect them with organizations like EnerFlex, that are well aligned both strategically and culturally,” said Christopher Caron, Managing Director with Blue River.

Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in distribution, business services and manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.


About Blue River

Blue River Financial Group is a middle market merger and acquisition advisory firm. We assist corporations, private equity groups and individuals in the sale and acquisition of businesses and have completed assignments in multiple business segments. With over 20 years of experience spanning across 50 global industries, Blue River provides a suite of services to middle market clients including corporate development, private equity support, valuations, and transaction consulting, placing a premium on relationship-centered transaction counsel and client focus.

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