OOLITIC, IN -- An agreement between Indiana Limestone Co. (ILCO) and Quarton Partners, a middle-market investment banking firm based in Birmingham, MI, will provide strategic support to help identify potential acquisitions and new business partnerships.
ILCO has been on a rapid growth trajectory for the past 15 months, which has been supported by an increase in market share, geographical expansion, a focus on operational excellence and a very healthy economic construction environment.
"We are pleased to partner with Quarton Partners to examine opportunities for our company as we are working to create even greater customer value in the market," said Tom Quigley, CEO of ILCO.
Andre Augier, Quarton Partners chairman and CEO, said he expected the connection between his firm and ILCO to be a productive one. "We're excited to partner with a historically outstanding firm that has again proved itself a leader in its category," he said. "We'll be assisting them in looking at excellent acquisition and partnership opportunities across North America. Quarton Partners is eager to help chart the aggressive course that our client seeks to pursue."
ILCO, an iconic Indiana firm with roots reaching back to the 19th century, was acquired in May 2014 by Wynnchurch Capital, Ltd., Chicago, a top tier middle-market private equity company. Since then, ILCO has doubled its excavation figures, grown its top line and added some 50-plus new employees. This notable revival was recognized recently with a Turnaround of the Year award in the Construction & Building Services from Global Mergers & Acquisitions Network, and earlier this year was awarded the small cap award by ACG of Indiana.
Fresh strategic approaches have been a key to ILCO's renewed progress. The company has introduced new products demanded by the construction market, including its popular thin veneer stone. In addition, the company has developed and deployed new operating efficiencies and 'green' methods in quarrying and manufacturing, supported by an infusion of fresh capital.
Another strong offering is ILCO Treads, real-stone steps that add visual distinction to the entrances of residences and other structures. Quigley said interest in this product has been especially strong on the East Coast.
"We're expecting a substantial uptick in sales from the introduction of these new specialty products," he said. "We've also been making great headway with architects, designers and fabricators across North America to enrich their buildings with our stone. All these successful initiatives lead us to believe that the time is right to engage Quarton Partners and identify areas of investment opportunity."