OSSEO, Wis.--(BUSINESS WIRE)--Building Industry Partners LLC (“BIP”), the leading building industry-focused private equity investment firm, has formed a new specialty building products component manufacturing platform in partnership with building industry veteran Ted Rock – North American Specialty Laminations (“American Laminations”). BIP and Mr. Rock formed American Laminations to build a best-in-class, people-first component profile wrapping and specialty manufacturing organization.
Concurrent with its formation, American Laminations made its inaugural investment, the acquisition of the assets of SourceCut Industries, Inc. in partnership with SourceCut’s existing owners and management team.
Founded in 1999, SourceCut Industries, Inc. (“SourceCut”) is a fast-growing manufacturer of laminated, composite and wood components serving the residential and commercial Window & Door, Cabinet & Casegood, Architectural Millwork, Furniture and Fixture/Display Industries.
This partnership and investment in SourceCut will help bring to life the Wiedenhoeft family’s vision for the business – investing in human and capital resources to bolster service of existing and new customers and position the business for significant organic and acquisition-related expansion. Brad Wiedenhoeft, founder of SourceCut, continues with American Laminations as Chief Revenue Officer. Zach Wiedenhoeft continues in his current role of President, with responsibility for the day-to-day operations of the facilities in Osseo, Wisconsin. Both Brad and Zach Wiedenhoeft will support Mr. Rock who will serve as Chief Executive Officer of North American Specialty Laminations. SourceCut Industries, Inc. will retain their business’ name.
Matt Ogden, Founder & Managing Partner of BIP, said, “We’re excited to kick off our new specialty component manufacturing platform with SourceCut as our foundation, and are looking forward to working alongside the Wiedenhoeft family to build on all they have achieved. We’re also introducing a proven, growth-minded manufacturing leader in Ted Rock, growth capital, and a commitment to driving enhanced results for our employees, customers, and business operations overall.
Mr. Ogden also noted, “North American Specialty Laminations is BIP’s second new platform under our people-first purpose. BIP renewed its purpose to drive a new standard in its investing that better aligns shareholder, management and employee interests, and prioritizes human capital management as a strategic pillar to building better businesses, generating better investment returns, and helping employees actualize their career goals.
Brad Wiedenhoeft, the founder of SourceCut, commented “BIP’s commitment to SourceCut’s people was an intriguing factor in pursuing this partnership. BIP’s relationships, talent resources, and capital investment will allow us to continue our strategic growth plan – providing our customers excellent service levels with quality products. Most importantly, enhancing our pursuit to provide our employees best in class opportunities. I’m very excited about the positive impact this partnership will have for our great employees, and for our customers who trust us with their business.”
Ted Rock joins as Chief Executive Officer of North American Specialty Laminations, drawing on his 15+ years of experience with market-leading building products manufacturing companies, and successful track record of growing private equity-backed organizations. Mr. Rock will lead the company’s future growth, including an ambitious plan to expand the platform’s footprint. He most recently served as Chief Executive Officer of Panoramic Doors, Senior Vice President of PGT Innovations, and as Chief Operating Officer of Atrium Windows and Doors.
Pat Mascia, Partner & Head of Strategic Development for BIP, said, “We are grateful for the opportunity to partner with a talented and experienced leader like Ted Rock - his unique experience across Private Equity, Specialty Manufacturing, and the Window and Door segment make him especially qualified to lead American Laminations. We are honored to be working alongside Mr. Rock and the Wiedenhoeft family to build on the success they have each achieved individually, and to bring our collective experiences, skills, and resources together to drive a game-changing platform.”
Ted Rock commented, “It has been a pleasure to get to know the Wiedenhoeft family, and a privilege to be entrusted to lead this platform alongside them. I am delighted by the opportunity to partner with BIP, a firm that I have admired both for their investment track record and for their explicit commitment to the employees of BIP portfolio companies. This is a fantastic opportunity for me and for SourceCut, and I’m looking forward to being a contributor to BIP’s ‘Do Good and Do Well’ mission.”
Two BIP Operating Partners – Peter Stroble and Chris Kliefoth – will be joining the Board of North American Specialty Laminations as Directors. Mr. Stroble previously held roles as Chief Strategy Officer, Chief Operating Officer, and Chief Financial Officer of Alta Forest Products, North America's largest manufacturer of fence boards, as well as President of Alta's predecessor, Welco Lumber Company. Mr. Kliefoth is a Wisconsin native, with deep experience in private equity, manufacturing, and leadership – including 15+ years as President of Nationwide Industries.
Partners involved in this opportunity were Holland & Knight LLC and Fifth Third Bank. Intrinsic LLC, CBIZ Insurance Services, Inc., DSG Benefits Group, and ATEC were also instrumental.
About Building Industry Partners
Building Industry Partners (“BIP”) is the leading private equity investment firm focused on the U.S. building industry. Founded by Matt Ogden in 2008, BIP is headquartered in Boston, with partners across the U.S. The firm is led by Matt and Partners Pat Mascia, Pete Robinson, and Stu Kliman and supported by the firm’s Operating Partners. BIP invests its Partners’ own capital, as well as that of a number of strategic, like-minded investors, including business leaders and family offices affiliated with the U.S. building industry.
In 2020, BIP redefined its purpose: Build exceptional and enduring businesses, generate world class investment returns, and contribute to elevating the building industry and its workforce through people-focused investment & business principles. Accordingly, BIP is committed to elevating the employee value proposition at its portfolio companies. This will include introducing broad-based employee ownership and supporting programs across future BIP investments in order to better align the interests of shareholders, management, and the broader workforce, to help elevate workforce prosperity and accelerate collective performance and equity value creation. Further, in 2021, BIP established its Center of Excellence, which will support BIP portfolio companies in developing and implementing best practices, foremost in Human Capital Management, in support of the firm’s redefined purpose.
BIP remains firmly grounded in its core fundamental investment principles: Unwavering integrity, a people-first approach to business, alignment of long-term interests with partners, respect for the advantages of local, independent, entrepreneurial businesses, deep sector focus, the power of relationships, and a prudent approach to macro, business and financial risk.
Over the past decade, BIP is proud to have been part of building some of the fastest-growing and most dynamic businesses in the middle-market U.S. building industry: U.S. LBM Holdings, Kodiak Building Partners, United Cabinet Holdings, Rugby Architectural Building Products, Homewood Holdings, and U.S. Fence Solutions Co / Binford Supply. BIP continues to seek opportunities to sponsor the building industry’s greatest talent in building exceptional businesses and realizing their entrepreneurial visions.