Wynnchurch Capital, a leading middle-market, private equity firm, has acquired the assets of Indiana Limestone Company, the largest dimensional limestone quarrier and fabricator in the United States. Wynnchurch acquired the assets out of bankruptcy.
With a history dating back to the mid-1800s, Indiana Limestone is headquartered in Oolitic, Ind., in the heart of the Indiana limestone belt, the source of the highest quality quarried limestone in the United States. Indiana limestone is known as the Nation’s Building Stone used in many well known structures, such as the Empire State Building and the Pentagon, and Indiana Limestone’s products are employed today as a durable and energy-efficient building stone in institutional, commercial and residential structures across the country.
“Our investment in Indiana Limestone allows Wynnchurch to further expand into the building products industry,” says Wynnchurch Partner Terry Theodore. “Indiana Limestone in known for its superior quality stone. We anticipate developing and executing more aggressive and comprehensive sales and marketing strategies to better communicate its superiority to the marketplace. To that end, we are pleased that Tom Quigley has joined the company as chief executive officer. Tom has held senior leadership positions at Owens Corning and Ingersoll Rand, and we believe his experience in the building products industry will set a course for rapid growth.”
“We believe the company’s superior products and established customer base leave Indiana Limestone well positioned for future growth as construction markets recover,” adds Wynnchurch Managing Partner John Hatherly.
“We are pleased with the support Wynnchurch provided as our DIP lender throughout the bankruptcy process. Indiana Limestone will be able to leverage the expertise, resources and capital that Wynnchurch provides to deliver our products to the marketplace and drive growth,” says Quigley.