Two Industry Leaders Join Forces

January 18, 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.”