Blue River Advises SPI on Acquisition of Florida Spray Foam

November 7, 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 Florida Spray Foam (FSF). FSF will benefit from SPI’s dedicated technology & operations group, which is responsible for identifying and assisting in the implementation of value-driven technology and operational improvements. FSF’s outstanding relationships with both customers and suppliers will prove invaluable as SPI continues to expand their Spray Foam footprint.

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.

Florida Spray Foam is a trusted source for insulation material and equipment in Central & South Florida. The company offers quality spray foam products and full stock of common fiberglass, mineral wool, and blown-in material.

Daniel Sundby, Managing Director at Blue River, said “For SPI, partnering with Florida Spray Foam brings continued expansion in the Spray Foam category. For FSF, an excellent opportunity to partner with an industry leader that will open growth opportunities for employees and leadership. Blue River is excited for both the SPI and FSF teams as they build something great, together!”

“We are thrilled to have advised Specialty Products & Insulation) on the acquisition of Florida Spray Foam. This transaction represents a strong strategic fit, enhancing SPI’s presence and capabilities in the insulation market, particularly in Central and South Florida. We look forward to seeing the combined entity continue to deliver high-quality products and solutions across a wide range of industries,” 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 services, value-added distribution and specialized light 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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