Union Corrugating Company
IOP Fund II
Acquisition Date: | December 2016 |
Status: | Exited |
Headquarters: | Fayetteville, NC |
Exit Date: | December 2021 |
Acquirer: | Cornerstone Building Brands, Inc. (NYSE: CNR) |
Add-on Acquisitions: | Executed add-on acquisitions during IOP ownership |
Description
Manufacturer of metal roofing systems and roofing components. Products are used in residential, commercial and post frame/agricultural applications. The company serves over 1,200 customers in over 30 states through a diverse range of channels, including home centers, lumber retailers, wholesalers and contractors.
In November 2018, IOP acquired Reed’s Metals, a manufacturer of metal roofing and buildings headquartered in Brookhaven, Mississippi, with additional locations in Missouri, Mississippi, Tennessee, Arkansas, Louisiana, Florida, and a sales office in Texas. Reed’s Metals will continue to operate under the well-known Reed’s brand. This acquisition continues the westward expansion of IOP’s metal roofing platform while strengthening key geographic markets. In addition, Reed’s significant capabilities in the manufacturing of metal buildings will be leveraged across both companies.
In September 2019, Union acquired Oakland Metal Buildings, a manufacturer and distributor of pre-engineered metal buildings based in Florence, Alabama. Oakland’s products are used in commercial, post-frame/agricultural and other industrial applications.
Operating Thesis
Provide support to existing management team
Create fundamental improvement in operating performance:
- Pursue facility expansions and increase low-cost manufacturing capacity
- Reduce working capital requirements
- Capitalize on growth opportunities with new and existing customers
- Expand platform geographically and by adding new product categories