New York-based private equity firm Branford Castle paid an undisclosed sum to acquire Drew Foam Cos. Inc. from Gladstone Investment Corp., a publicly funded traded business development company, key management members and a co-investor.
Monticello, Ark.-based Drew Foam provides custom-fabricated expanded polystyrene foam products to the packaging, building products and consumer end-markets, mainly in the U.S. Southeast.
The transaction marks the fifth acquisition for the Branford Castle Fund, after electrical safety testing and measurement equipment manufacturer Vitrek; rumble strips company Surface Preparation Technologies; Earthlite Massage Tables, which offers products for the spa, massage and wellness industries; and pedicure chair company Continuum Foot Spas LLC.
