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Airlite Plastics buys maker of HDPE paving system TrueGrid
The acquisition furthers Airlite's plan to grow rapidly and offer customers more products, according to Mike Kennaw, vice president of Airlite's sustainable construction products division.
TrueGrid pavers are made from recycled high density polyethylene. With the transaction, Airlite is expanding its platform of sustainable products.
TrueGrid pavers are an alternative to concrete and asphalt with the benefits of reducing the urban heat island effect and providing storm water detention in its sub-base of fill rock. Durable and permeable, TrueGrid can reduce flooding and erosion by providing a structure for stabilizing the ground.
The pavers often are used for parking lots, driveways, fire lanes and special projects, such as the North Houston Bike Park, which is the largest BMX bike park in North America and host to the 2020 X Games. Park developers specified 150,000 square feet of TrueGrid.
The TrueGrid acquisition is an example of how diverse businesses can combine to create an innovative workplace, according to Airlite CEO Brad Crosby.
"Airlite Plastics shares the same core values as TrueGrid while proudly serving their customers in a very specialized market niche," he said in an April 19 news release. "Airlite Plastics brings improved access to both technical and financial resources. Together, the companies are more capable of serving all our respective clients' needs irrespective of market sector or project size."
Crosby also acknowledged the "plethora of emotions" that TrueGrid employees are experiencing over the acquisition and said concerns should be alleviated as talented workers from both businesses come together.
"My aim is to assemble a creative team that will help uncover as well as implement the best practices of both companies," Crosby said. "It is a compelling combination that can significantly enhance our value proposition with our key clients while providing new growth opportunities for all our employees."
Terms of the deal were not disclosed. Airlite Plastics is a privately held, family-owned company founded in 1946 that employs 1,000. It is based in Omaha, Neb.
Stiles Manufacturing, based in Houston, does business as TrueGrid and was founded by Barry Stiles. On the company's website, Stiles says that he was driven to offer a simple green technology to reduce flooding, heat and runoff pollution from coal tar and asphalt.
MBS Advisors of Florence, Mass., represented Airlite in the deal.To obtain reprints or copyright permissions:
» Publication Date: 19/04/2019
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