LaPolla Industries, Inc. a leading national manufacturer and supplier of spray foam and coatings designed to reduce energy consumption in the commercial and residential markets, announced that it has signed a definitive agreement to acquire the assets of AirTight Marketing & Distribution, Inc. ("AirTight").
Based in Rutledge, Georgia, AirTight is one of the Southeast's leading spray foam insulation distributors. AirTight's staff has decades of experience in the insulation market and offers one of the top turn-key start-up and training programs in the United States.
Douglas J. Kramer, president and chief executive officer of LaPolla, stated, "The AirTight acquisition significantly expands our distribution reach, allowing us to more effectively pursue the estimated 12,000 conventional insulation contractors that currently exist nationwide. It also adds highly skilled professionals to our staff and lets us further leverage our existing infrastructure to meet the demands of this high growth market. We are thrilled to welcome AirTight into the LaPolla family. They have built a loyal customer base, as well as strong brand name recognition, and we look forward to building upon that legacy."
Ted J. Medford, president of AirTight, stated, "LaPolla is the ideal partner for AirTight. LaPolla's operational and manufacturing expertise, combined with our products, customer training and certification programs, will give us the ability to significantly expand our spray foam insulation customer base. We look forward to working with LaPolla and I am confident that we will become the preeminent provider of spray foam insulation solutions."
Financial terms of the AirTight transaction were not released. The transaction is subject to completion of customary and ordinary due diligence and closing on July 1, 2008.
