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

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.

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

January 6, 2022

Building Products

Pittsburgh-based private equity firm Incline Equity Partners has made an investment in Specialty Products and Insulation (SPI), a Charlotte-headquartered value-added distributor and fabricator of insulation products. Incline will support SPI’s growth plan — including accelerated M&A, greenfield expansion and investments in systems and operations — to expand capabilities and geographic reach.

Specialty Products and Insulation (SPI) Acquires Amerisafe, Inc.

October 18, 2021

Building Products

Specialty Products and Insulation (SPI), a portfolio company of Dunes Point Capital, has acquired Amerisafe, Inc., a distributor of commercial and industrial insulation and safety equipment based in Aurora, Illinois. The deal is an add-on acquisition that expands SPI's distribution footprint and product offering in the commercial, industrial and residential building markets.

Specialty Products and Insulation Acquires Burnham Insulation Sales, Inc.

October 11, 2021

Building Products

Specialty Products and Insulation (SPI), a portfolio company of Dunes Point Capital, has acquired Burnham Insulation Sales, Inc., a Pittsburgh-based distributor of mechanical insulation serving commercial and industrial end markets. The transaction expands SPI’s branch network and product distribution capabilities in the U.S.; Dunes Point Capital is the family office investor backing SPI.