M-D Building Products Acquires Loxcreen
Oklahoma City-based M-D Building Products Inc. has acquired the assets of Loxcreen Co. Inc., based in West Columbia, S.C. Terms of the transaction were not disclosed. The combined sales of both companies will exceed $200 million annually.
The two privately held companies, with approximately 800 employees at nine manufacturing and distribution facilities in the United States and Canada, both specialize in the manufacture of aluminum and plastic extrusions, producing a variety of window, door, flooring and tool products used in commercial and residential construction and renovation.
Loxcreen's product line includes aluminum storm doors, screen doors and commercial window screens, as well as foam weatherstrip and components for the door and window market. M-D Building Products designs, manufactures and markets a range of residential and commercial weatherproofing products, including door and window weatherstripping, garage door weatherstripping, and a line of interior and exterior caulk marketed under both the Tower Sealants and DuPont brand names.
“The Loxcreen acquisition, and its related manufacturing, engineering and products, presents a unique opportunity for us to bring two complementary and compatible businesses with strong market presence together to drive long-term growth,” says Loren Plotkin, M-D Building Products chairman and president. “For many years, we have admired Loxcreen as a quality competitor with a strong line of well-engineered and manufactured building products. We know them well and realized early in the due diligence process that the combined companies would be synergistically stronger with greater opportunities given our ability to increase our vertical manufacturing capabilities and expand product lines to meet our customers' evolving needs.”
“While our emotions are mixed with selling the business after a successful 65 years of operation, we recognize the acquisition by M-D Building Products offers expanded opportunities long-term for our employees and customers,” says Wayne Parrish, Loxcreen CEO. Other companies have approached him through the years about buying Loxcreen, he reports, and he elected to pursue the opportunity with M-D Building Products because both companies shared similar histories, products and core values.
“M-D Building Products has a rich history of engineering and manufacturing expertise and producing market-leading products, particularly in the weatherization category," Parrish continues. "The company is a superbly run operation, and they always have been a tough, but fair, competitor. In M-D Building Products, we have found a fine home for our business, where it will live on and flourish for decades to come.”
“We respect Loxcreen’s management team and its established product lines,” Plotkin adds. “The integration of the two companies represents an ideal strategic fit and will allow us to draw upon the talent of both companies in management, manufacturing, product development, marketing, sales and customer service to pursue opportunities from a greatly expanded product line.”