Incline Equity Partners Invests in Specialty Products & Insulation (SPI)

Incline Equity Partners Acquires Specialty Products and Insulation (SPI) from Dunes Point Capital

December 22, 2021

Building Products

Incline Equity Partners has acquired Specialty Products and Insulation (SPI), a Charlotte-based value-added distributor and fabricator of insulation and complementary products, from Dunes Point Capital, LP. SPI operates 59 distribution branches and 16 fabrication facilities serving commercial, industrial and residential markets across the U.S. and Canada and will expand Incline's footprint in building-products distribution and specialty fabrication.

TopBuild Corp. Acquires Specialty Products and Insulation (SPI) from Incline Equity Partners

October 8, 2025

Building Products

TopBuild Corp. acquired Specialty Products and Insulation (SPI) from Incline Equity Partners in an all-cash transaction valued at $1.0 billion. The acquisition expands TopBuild’s geographic footprint and mechanical insulation fabrication capabilities, adds ~90 branches and ~1,000 employees, and increases TopBuild’s exposure to recurring maintenance and repair revenue.

Specialty Products & Insulation Acquires EnerFlex Insulation

May 22, 2024

Building Products

Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired EnerFlex Insulation, a Baytown, Texas manufacturer of removable insulation jackets and covers. The add-on expands SPI’s product offering into the industrial removable insulation space and is expected to create growth opportunities for EnerFlex’s employees and leadership; financial terms were not disclosed.

Specialty Products & Insulation (SPI) Acquires Foam Direct

March 2, 2023

Building Products

Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired Foam Direct to expand SPI's presence in the spray foam market. Blue River Financial Group advised SPI on the transaction; Foam Direct's owner Mark Keddle will join the SPI team as part of the integration.

Specialty Products & Insulation Acquires Intech Equipment & Supply

November 30, 2022

Building Products

Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired Intech Equipment & Supply. The acquisition adds spray polyurethane foam (SPF) equipment, mobile rigs, parts, and training capabilities to SPI's distribution and fabrication platform as it expands into the spray foam market; Blue River Financial Group served as SPI's M&A advisor.

Specialty Products & Insulation Acquires Florida Spray Foam

November 7, 2024

Building Products

Specialty Products & Insulation (SPI), a portfolio company of Incline Equity Partners, has acquired Florida Spray Foam to expand its spray foam and insulation distribution presence in Central and South Florida. The add-on acquisition will leverage SPI's technology and operations capabilities to drive operational improvements and broaden product availability for FSF's customers and suppliers.