SOUTHLAKE, Texas and WASHINGTON, North Carolina – March 17, 2015 – Insight Equity Holdings LLC (“Insight Equity”), the Southlake, Texas private equity firm, is pleased to announce that one of its portfolio companies, Flanders Corporation (“Flanders”), has acquired the assets of Pronamic Industries (“Pronamic”). Pronamic manufactures, sells, and distributes fiberglass media and materials for use in the air filtration and related industries. Its products go into a variety of end uses, including retail and commercial air filters, paint booth filters, composites, and higher-end air filter applications.
Since its inception in 2013, Pronamic has transformed an empty manufacturing space into a significant fiberglass media manufacturing facility. Ted Beneski, Chairman of Flanders and Managing Partner of Insight Equity, notes that “Pronamic is a unique company that has built the first new, fully operational fiberglass media manufacturing plant in the United States in several years. Their team’s successful start-up has been impressive.”
The acquisition of Pronamic represents a unique example of backward integration in the filtration industry. Peter Jones, Flanders’ Chief Executive Officer, stated, “This is a very exciting opportunity for Flanders. We believe that the acquisition of Pronamic will help us to achieve our goal of “On Time. Complete. Every Time.” in 2015 and beyond.”
Harry Smith, Vice Chairman of Flanders, notes, “The vision to go into fiberglass manufacturing has been one under consideration at Flanders for many years. The founding and ramp-up of Pronamic enabled there to be a business local to Flanders’ headquarters that could focus solely on building and continuously improving a fiberglass media operation while Flanders could focus on its core business of manufacturing, assembling, and selling air filters and related products to its valued customers. Now is the right time to bring the two capabilities together to create an even stronger business that can be a collaborative and reliable long-term partner to its customers.”
Pronamic represents the second investment consummated by Insight Equity in the filtration space. Brad Buser, a Principal at Insight Equity, concludes, “Insight Equity’s long-term outlook on the air filtration sector remains very positive; the combination of Flanders and Pronamic will ensure that we have sufficient fiberglass supply to service our customers as we continue to grow and will also enable us to seek new revenue opportunities in additional fiberglass media end uses. We are very pleased to have completed this acquisition.”
About Flanders Corporation
Flanders Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of air filters and related products. The company offers residential heating and air conditioning filters under the Flanders Precisionaire brand; residential air cleaners; industrial specialty filters; and high purity filters. Flanders' products are utilized by many industries, including those associated with commercial and residential heating, ventilation and air conditioning systems, semiconductor manufacturing, ultra-pure materials, biotechnology, pharmaceuticals, synthetics, nuclear power and nuclear materials processing. The company was founded in 1950 and is headquartered in Washington, North Carolina.
About Pronamic Industries
Pronamic is an industry leader in the manufacture, sale, and distribution of fiberglass media and materials for use in the air filtration and related industries. The company was founded in 2013 and is headquartered in Washington, North Carolina.
About Insight Equity
Insight Equity makes controlling investments in strategically viable, middle market, asset intensive companies across a wide range of industries. Insight Equity specializes in partnering with companies in complex and challenging situations, including corporate divestitures, aggressive growth opportunities, restructurings, and transitions from private family ownership. The firm leverages a proven, collaborative value creation model to facilitate operating enhancements and growth. Insight Equity’s headquarters is located near the Dallas / Ft. Worth International Airport in Southlake, Texas. The firm also has an office in New York City.