March 2, 2023 – 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 Foam Direct as they seek to expand into the spray foam market.

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.

Foam Direct offers superior spray foam products with unrivaled customer support at wholesale pricing. They supply residential contractors spray foam products for walls, ceilings, and roofing, as well as specialty foams like ditch break foam. They also carry spray foam equipment from Graco, IPM, PMC and Spray Foam Equipment & Manufacturing.

Mark Keddle, Owner of Foam Direct, stated, “It’s my belief that we could not have picked a better company to acquire us than SPI! Everyone from the CEO to the integration team has been amazing to deal with. I am super excited to be a part of the SPI team!”

Lewis VanLandingham, Vice President at Blue River, “We are excited to be a part of SPI’s continued growth. It was clear from the start that these two companies would be a good match. Both Mark Keddle and the SPI leadership team are down-to-earth straight-shooters, and I was confident that they would make a good team together.”

“SPI continues to stay true to their strategy and partner with great organizations like Foam Direct and their outstanding people. It has been a great pleasure to work with such a wonderful team, and see the growth unfold before our eyes,” said Christopher Caron, Managing Director with Blue River.

Incline Equity Partners, headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in value-added distribution, business services and specialized light manufacturing companies, generally seeking to invest in growing companies with enterprise values of $25 million to $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.


Sara Clevenger

About Blue River

Blue River Financial Group is a middle market merger and acquisition advisory firm headquartered in Bloomfield Hills, Michigan. It assists corporations, private equity groups and individuals in the sale and acquisition of businesses, and has 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.

Contact Us

1668 S. Telegraph Rd., Suite 250
Bloomfield Hills, MI 48302
248 – 309 – 3730

1525 Park Manor Blvd., Suite 250
Pittsburgh, PA 15205
412 – 916 – 5016

11483 Canterberry Lane
Parker, CO 80138
248 – 309 – 3730