Virginia concern buys Thermoguard Insulation
Spokane company to retain name, 40 employees hereJune 15th, 2001
Thermoguard Insulation Co., of Spokane, has been bought by a big Richmond, Va., area-based insulation company called Service Partners LLC.
Nat Bonanno, Thermoguards general manager here, says the Spokane operation will retain its name and its 40 employees. Terms of the transaction, completed April 30, werent disclosed.
Thermoguard Insulation, which has been in operation in Spokane for 50 years, had been owned by Spokane businessman Roger Crawford. Crawford also had been principal stockholder of Thermoguard Equipment Inc., a Spokane manufacturer of equipment for the corrugated box industry that was spun off from Thermoguard Insulation in 1985. Two years ago, Thermoguard Equipment was bought by a Minnesota company, Bonanno says.
Crawford decided to sell Thermoguard Insulation because hes divesting himself of his investments here, Bonanno says. He says the purchase of Thermoguard Insulation by Service Partners should increase the Spokane companys buying power, since Service Partners is a nationwide company.
Service Partners, which was formed in 1998 through the combination of six fiberglass distribution and light manufacturing companies, now operates 123 locations across the U.S., including four offices in Western Washington, Bonanno says. He declines to discuss whether Service Partners owns any other insulation companies in the Spokane area. According to Service Partners Web site, however, the company also owns Oregon Insulation Supply, which operates an office here. Service Partners claims to be the largest distributor of fiberglass insulation in the U.S.
Thermoguard Insulation, which is located at 125 N. Dyer, manufactures cellulose and sells and installs other forms of insulation.
During the last year, insulation companies nationwide have been consolidating, Bonanno says. He says Thermoguard is just one example here. He says that within the last year, Spokane companies Insul-Tech Insulation Inc. and Evergreen Insulation Inc. both have been bought by Daytona Beach, Fla.-based Gale Insulation, which operates an office here.
Bonanno says hes uncertain about whats causing the consolidation.