Incline Announces Sale of Specialty Products and Insulation

PITTSBURGH, Oct. 8, 2025 /PRNewswire/ -- Incline Equity Partners ("Incline"), a leading private equity firm dedicated to investing across the middle market, is pleased to announce the sale of Specialty Products and Insulation ("SPI" or the "Company"). The mechanical insulation and spray foam capabilities of SPI have been acquired by TopBuild, a leading installer and distributor of insulation and building material products. As part of the transaction, Incline will retain Therm-All, SPI's metal building insulation brand, as well as Dispro, a Canadian mechanical insulation distributor.

Headquartered in Charlotte, NC, SPI supplies mechanical, building and spray foam insulation products used in thermal, acoustic and fire protection applications. The Company's wide range of SKUs and technical fabrication capabilities serve the unique needs of contractors in commercial, industrial, residential, marine and OEM markets. SPI distributes out of 102 facilities throughout the United States, Canada and Australia.

"We are proud that our partnership with Ray Sears and the SPI team drove meaningful growth, more than doubling the Company's revenue in just over 3.5 years," said Michael Antonelli, Managing Director at Incline. "During this period, SPI completed 14 acquisitions, adding significant capabilities, 43 locations and an international presence."

"Our work with Incline strengthened our infrastructure and positioned us for rapid, scalable growth," said Ray Sears, CEO of SPI. "Early in the partnership we invested in key hires, including a dedicated M&A team and enhanced sales organization, supporting our successful expansion."

About Incline Equity Partners:

Incline Equity Partners is a leading private equity firm dedicated to investing across the middle market in services, value-added distribution and specialized light manufacturing companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline's typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.

Disclaimer:

Incline Management, L.P. ("IMLP") is registered with the U.S. Securities and Exchange Commission as an investment adviser under the U.S. Investment Advisers Act of 1940, as amended. Registration as an investment adviser does not imply a certain level of skill or training. IMLP provides investment advisory services only to privately offered funds. IMLP does not solicit or make its services available to the public or other advisory clients. This press release is intended solely to provide information regarding Incline's potential capabilities for prospective portfolio companies, and is not an offer to sell to any person, or a solicitation from any person of an offer to buy, any securities. The statements contained herein are not statements of any IMLP client fund or investor and do not describe any experience with or endorsement of IMLP as an investment adviser by any such client or investor.

SOURCE Incline Equity Partners