Polycor, Indiana Limestone Co. Merge
QUEBÉC CITY — Polycor Inc. and Indiana Limestone Company (ILCO) announced a merger yesterday. Terms of the transaction weren’t disclosed.
The deal adds another well-known stone proper under the Polycor corporate umbrella. The Canadian company garnered Polycor’s recent acquisition of four limestone quarries in France in July,
ILCO, based in Bloomington, Ind., is a leading U.S. dimensional limestone quarrier and building products producer. Founded in 1926 (with predecessor firms that had been quarrying limestone since the mid-1800s), the company provided stone for iconic structures such as the Empire State Building, National Cathedral, and the Pentagon.
ILCO’s owner, U.S. private equity firm Wynnchurch Capital, acquired the assets out of bankruptcy in 2014. Polycor is a portfolio company of Canadian private equity firm TorQuest Partners.
All plants and quarries will continue to operate as normal, with both the Polycor and ILCO management teams continuing to lead their respective business operations. Existing ILCO shareholders will become significant minority shareholders in the go-forward entity.
Current ILCO customers and suppliers should see a seamless transition.
“This transaction represents another milestone in Polycor’s journey to become the global leader in the natural stone industry,” said Patrick Perus, President and CEO of Polycor Inc. “We are thrilled to be joining forces with the leading producer of Indiana limestone in ILCO, and look forward to welcoming this world-class team into the Polycor family.”
“Our business today touches the lives of dealers, fabricators, distributors and architects worldwide,” saidTom Quigley, CEO of ILCO. “We are proud to be a part of a great industry. Now, by joining with Polycor, a business partner with whom we share common values, passion and ambition, there is unlimited potential to expand our offering and deliver even greater value to our customers.”
With a more diversified and -expansive geographic presence, ILCO’s offices in Bloomington will serve as a primary base to support continued expansion in North America.
Founded in 1987, Polycor now employs nearly 1,100 people and owns over 44 quarries and 17 manufacturing plants across North America and Europe.
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