Crescenda announces the sale of Poly Foam, Inc.
Minneapolis, Minnesota – Crescenda Merger & Acquisition Advisors announced that its client, Poly Foam, Inc. was acquired by PFB Corporation (PFB). Calgary, Alberta, based PFB is now operating Poly Foam as Plasti-Fab® EPS Product Solutions.
Since 1960, Poly Foam, Inc. has been one of the leading manufacturers of EPS and other foam products throughout the upper Midwest. They have supplied EPS for packaging, OEM parts, insulation applications, roofing and other construction products, Geofoam, flotation and more. Located just west of the Twin Cities, their facilities include 135,000 square feet of manufacturing and warehousing space located on 6.5 acres in Lester Prairie, Minnesota. The sale included the real estate.
According to Bruce Carruthers, PFB Chief Operating Officer, "Acquiring Poly Foam and adding an operation in the Twin Cities to our existing U.S. manufacturing operations in Ohio, Michigan and Idaho will broaden our product and service offering and enhance our ability to service and ship product to existing regional customers in the United States." Carruthers added, "This is very exciting for us as we continue our initiative to manufacture Plasti-Fab EPS Product Solutions in the U.S."
Bob Humboldt, owner and President of Poly Foam said, " After 41 great years at Poly Foam, filled with being able to work with wonderful people and having a great deal of fun, it was time to retire." Bob added, "I was able to find an excellent buyer that will continue the operation and give good opportunities to this exceptional group of employees. PFB is a strong company who is publicly traded with the resources to continue building on the success I was able to achieve."
Since 1968, Plasti-Fab has been providing its customers with expanded polystyrene (EPS) Product Solutions for constructing energy efficient buildings, floatation for marine construction, lightweight fill and compressible fill for Geotechnical construction projects, and component solutions for Original Equipment Manufacturers.
With over 45 years of industry experience, Plasti-Fab is committed to delivering customers its brand promise of “Quality, Service and Expertise”. Recognized as a leader in the North American EPS industry, Plasti-Fab provides technical expertise to assist customers in making the right product choice for their applications. It is committed to continuously developing new products and applications.
About PFB Corporation
PFB Corporation has two operating subsidiaries, Plasti-Fab Ltd. that operates in Canada and PFB America Corporation that operates in the United States. PFB develops, manufactures and markets insulation building products and technologies based on expanded polystyrene technology; that, when used as components of a building envelope, enable residential and commercial structures to be highly energy-efficient. They are also expert in engineered geotechnical applications of our products.
PFB building products are used in both new and renovation markets in residential, commercial and industrial projects.
The group is vertically integrated in manufacturing insulating building products marketed across North America under brand names, Plasti-Fab, EPS Product Solutions®, Advantage ICF Systems®, Insulspan® Structural Insulating Panels Systems, and the PFB Custom Homes Group which includes Riverbend® Timber Framing, Precision Craft® Log & Timber Homes, Point Zero Homes and M.T.N. Design.
PFB Corporation is listed for trading on the Toronto Stock Exchange, symbol PFB.
Crescenda Merger & Acquisition Advisors represented Poly Foam, Inc. as sell-side advisor. Jim Odney handled the sale for Crescenda.
About Crescenda, LLC
Crescenda is a mergers and acquisitions intermediary and investment banking advisory firm focusing primarily on the sale of successful, privately-held companies.
FOR FURTHER INFORMATION CONTACT:
Jim Odney, Managing Director Crescenda, LLC (763) 545-1886 jim@crescenda.com
Bruce Carruthers, Chief Operating Officer PFB Corporation Calgary, Alberta (403) 569-4332 bcarruthers@plastifab.com