Building industry-focused private equity investment firm Building Industry Partners (BIP) formed North American Specialty Laminations, a specialty building products component manufacturing platform, in partnership with industry veteran Ted Rock. Concurrent with its formation, American Laminations made its inaugural investment, the acquisition of SourceCut Industries. SourceCut will retain its business name, according to a news release.
“We’re excited to kick off our new specialty component manufacturing platform with SourceCut as our foundation, and are looking forward to working alongside the Wiedenhoeft family to build on all they have achieved,” Matt Ogden, founder and managing partner of BIP, said in a prepared statement. “We’re also introducing a proven, growth-minded manufacturing leader in Ted Rock, growth capital, and a commitment to driving enhanced results for our employees, customers, and business operations overall.”
Wisconsin-based SourceCut Industries, founded in 1999, is a manufacturer of laminated, composite, and wood components serving the residential and commercial window and door, cabinet and casegood, architectural millwork, furniture, and fixture/display industries. Brad Wiedenhoeft, founder of SourceCut, will continue with American Laminations as chief revenue officer and Zach Wiedenhoeft will continue his current role as president, with responsibility for the day-to-day operations of the SourceCut facilities in Osseo, Wis. Both Brad and Zach Wiedenhoeft will support Rock, who will serve as CEO of North American Specialty Laminations.
“BIP’s commitment to SourceCut’s people was an intriguing factor in pursuing this partnership,” Brad Wiedenhoeft said. “BIP’s relationships, talent resources, and capital investment will allow us to continue our strategic growth plan - providing our customers excellent service levels with quality products. Most importantly, enhancing our pursuit to provide our employees best in class opportunities.”
In July, BIP formed Southeast LBM Interests, a regional pro LBM dealer organization, under a similar “people-first purpose.” Southeast LBM Interests was founded through the acquisition of the Warner Robins family of businesses: Warner Robins Building Supply, Henson Building Materials, and Mountain Building Supply.
As CEO of North American Specialty Laminations, Ted Rock will lead the company’s future growth, including an ambitious plan to expand the platform’s footprint. Most recently, Rock served as CEO of Panoramic Doors, senior vice president of PGT Innovations, and as COO of Atrium Windows and Doors.
“It has been a pleasure to get to know the Wiedenhoeft family, and a privilege to be entrusted to lead this platform alongside them,” Rock said. “I am delighted by the opportunity to partner with BIP, a firm that I have admired both for their investment track record and for their explicit commitment to the employees of BIP portfolio companies.”
Two BIP operating partners, Peter Stroble and Chris Kliefoth, will be joining the board of North American Specialty Laminations as directors. Stroble previously held roles as chief strategy office, COO, and CFO of Alta Forest Products as well as president of Alta’s predecessor, Welco Lumber Company. Kliefoth served over 15 years as president of Nationwide Industries.
Over the past decade, BIP has been involved in the formation of several leading industry players, including US LBM, Kodiak Building Partners, Homewood Holdings, U.S. Fence Solutions/Binford Supply, United Cabinet Holdings, and Rugby Architectural Building Products.