Mid-market private equity firm Wynnchurch Capital’s (Wynnchurch) portfolio company Indiana Limestone Holdings has merged with Polycor Holding (Polycor), North America’s largest natural dimensional stone producer.
Headquartered in Bloomington, Indiana and founded in 1926 (predecessor firms had been quarrying limestone since the mid-1800s), Indiana Limestone Company is the premier supplier of Indiana limestone building products. This internationally renowned natural dimensional stone, often referred to as America’s Building Stone, is the highest quality quarried limestone in North America and is found on iconic structures including the Empire State Building, National Cathedral, and Rockefeller Center. With more than 4,500 acres of reserves and operating from its seven quarries and two manufacturing plants, Indiana Limestone Company reliably provides the highest quality products and services carefully tailored to the needs of the building and hardscape market with an environmental, natural focus.
John Hatherly, Founder and Managing Partner at Wynnchurch, says: “Indiana Limestone represented an opportunity to rejuvenate a company with a strong brand, broad distribution, and differentiated products. We are very proud and appreciative of the team’s leadership and accomplishments; significant value creation was driven through operational excellence, investment in new products, and an improved go-to-market strategy.”
Duncan Bourne, Managing Director at Wynnchurch, adds: “Indiana Limestone’s merger with Polycor positions the combined business as the solution of choice for architects, builders, dealers and other stakeholders in the natural stone value chain. We partnered with the management team in restoring Indiana Limestone’s legacy and we are proud of the Company’s growth and accomplishments. We look forward to the combined businesses enhancing this momentum even more.”
“Wynnchurch has been a valued partner as we have continued to build on our position as the leading provider of Indiana Limestone material and develop our, unique to the industry, standard line of building products,” says Chief Executive Officer of Indiana Limestone, Tom Quigley. “Wynnchurch provided tremendous support, including access to financial and operational resources, which helped management grow the business, drive continuous improvement and execute on our strategy. Through this merger, with a more diversified and expansive geographic presence, ILCO’s offices in Bloomington will drive meaningful growth through cross-selling synergies, mutual geographic expansion, and sharing of best practices, growing in all phases of business operations. Existing customers and suppliers can expect a seamless transition and to receive the same quality of service they have come to expect over time.”
Vedder Price acted as legal advisor to Indiana Limestone and Wynnchurch in the sale process.
