Building Industry Partners Forms New Platform, Acquires SourceCut Industries’ Assets

September 10th, 2021 by Editor

Building industry-focused private equity investment firm Building Industry Partners (BIP) has formed a new specialty building products component manufacturing platform in partnership with building industry veteran Ted Rock. The entity is known as North American Specialty Laminations (American Laminations) and was formed “to build a best-in-class, people-first component profile wrapping and specialty manufacturing organization,” according to a BIP press release.

As part of the formation announcement, American Laminations has made its inaugural investment: acquisition of the assets of SourceCut Industries, Inc. in partnership with SourceCut’s existing owners and management team. Founded in 1999, SourceCut is a manufacturer of laminated, composite and wood components serving the residential and commercial door and window markets, and architectural millwork.

The press release also states that this partnership and investment in SourceCut will help bring to life the Wiedenhoeft family’s vision for the business – investing in human and capital resources to bolster service of existing and new customers and position the business for significant organic and acquisition-related expansion.

“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. 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,” said Matt Ogden, founder and managing partner of BIP.

Ogden also noted that, “North American Specialty Laminations is BIP’s second new platform under our people-first purpose. BIP renewed its purpose to drive a new standard in its investing that better aligns shareholder, management and employee interests, and prioritizes human capital management as a strategic pillar to building better businesses, generating better investment returns, and helping employees actualize their career goals.”

Brad Wiedenhoeft, founder of SourceCut, continues with American Laminations as chief revenue officer. Zach Wiedenhoeft continues in his current role of president, with responsibility for the day-to-day operations of the facilities in Osseo, Wis. SourceCut Industries, Inc. will retain their business’ name.

“BIP’s commitment to SourceCut’s people was an intriguing factor in pursuing this partnership. 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. I’m very excited about the positive impact this partnership will have for our great employees, and for our customers who trust us with their business,” said Brad Wiedenhoeft.

Both Brad and Zach Wiedenhoeft will support Ted Rock, who will serve as CEO of North American Specialty Laminations. Rock will be drawing on more than 15 years of experience with market-leading building products manufacturing companies, and what the press release describes as a successful track record of growing private equity-backed organizations. He most recently served as CEO of Panoramic Doors, senior vice president of PGT Innovations, and as COO of Atrium Windows and Doors.

“We are grateful for the opportunity to partner with a talented and experienced leader like Ted Rock – his unique experience across private equity, specialty manufacturing, and the window and door segment make him especially qualified to lead American Laminations,” said Pat Mascia, partner and head of strategic development for BIP.

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