TWO INDUSTRY LEADERS JOIN FORCES 

FOR IMMEDIATE RELEASE

January 3, 2022

Industrial Opportunity Partners Makes Majority Investment in Applegate Insulation and US Greenfiber 

We are excited to announce that Applegate and Greenfiber, in conjunction with Industrial Opportunity Partners, have joined forces as APPLEGATE • GREENFIBER. The combination of these two companies forms the largest, nationally recognized manufacturer and marketer of cellulose insulation in the North American market. The new company will capitalize on a shared marketing platform, complementary product portfolios and shared research and development to satisfy the changing needs of homeowners, contractors, builders, architects, and retailers. This merger will provide an expanded footprint of production facilities and strategically placed sales and field support for more emphasis on best-in-class customer experience and service. 

Applegate and Greenfiber will combine their long-standing reputations for innovative product and industry leadership to grow and strengthen the cellulose insulation category, and more importantly, ensure a focus on product innovation that will generate better and additional feature-rich products in the marketplace. Strong, established presence in the cellulose fiber category will provide the most environmentally preferred and safe insulation to families across North America. 

In this new partnership, Tom VanAlstine, the current CFO and acting General Manager of Applegate, has taken the role of President & CEO, and Vic Birchmeier, the current CFO of Greenfiber, has taken the role of CFO. Richard Applegate will serve as Interim VP of Sales. Regarding the new company, Tom commented that “Applegate and Greenfiber both have incredible people that consistently demonstrate how much they care about the industry, the customers, the product, and each other. Our businesses complement each other strongly between greater coverage from our larger geographic footprint, the relationships we have built across distribution channels, and a mix of talented individuals. I cannot imagine two companies being a better fit.” 

Andy Weller, IOP Operating Principal who will be chairman of APPLEGATE • GREENFIBER, commented that, “IOP is pleased to bring these two exceptional companies together and provide the resources and financial strength to support future growth and success.” 

About Applegate Insulation 

Based in Webberville, MI, Applegate Insulation is the world’s largest family-owned cellulose insulation manufacturer. Established in 1978, Applegate has 10 production plants across the US. Applegate Insulation, with a reputation of integrity and quality, is known for its cleaner, lower dust Cellulose Insulation products and high-level of support for their customers. 

Aaron Applegate, the founder, with his optimistic viewpoint founded in his faith, developed Applegate Insulation into a business with a culture of confidence in the American entrepreneurial spirit and sincere desire to serve customers in a way which places their interests and success as a high priority. This culture has led to Applegate seeking to serve customers as we would want to be served. 

About US Greenfiber 

At Greenfiber, our goal is to build a more comfortable world by providing something that has become increasingly harder to find – SANCTUARY®. 

With seven manufacturing plants in the US and Canada, and headquarters in Charlotte, NC, Greenfiber® is the largest manufacturer of cellulose insulation in North America and is at the forefront of insulation technology; continuing to lead the way with innovative products and solutions. Greenfiber believes that your home should feel like a sanctuary, a safe space for you and your family to just be. Greenfiber is committed to offering insulation that does more than regulate temperature – it brings more peace, quiet and comfort to a house while supporting the health and well-being of those who call it a home. 

About Industrial Opportunity Partners 

Based in Evanston, Illinois, IOP was founded in 2005 by a group of like-minded finance and operations executives who came together to build a private equity firm centered on a shared passion for the companies that are the backbone of our economy — middle-market manufacturing and distribution businesses. 

IOP uses a collaborative model for investing in and working with these companies to create value for all constituencies — employees, communities, customers, suppliers and investors. 

Within IOP, experienced investing professionals are brought together with exclusive and full-time Operating Principals. IOP utilizes the Operating Principals to partner with management at each platform company to create value throughout the investment period — from investment diligence and strategic planning to operational execution and realization. 

To date, IOP has raised over $900M in committed capital from a base of institutional investors including endowments, pension funds and foundations. They have invested in 25+ platform companies.