Fox Blocks ICF announced that it will acquire select key assets from Reward Wall Systems Inc., integrating those assets into its own operations and augmenting the Fox Blocks ICF product line. The companies have started working together now to develop and implement a plan that ensures a seamless transition for customers and employees. The transaction is due to take place February 15.
Fox Blocks ICF, recognized as the fastest growing ICF Manufacturer in North America and a Best in Class Sustainable Green Building Solution, is a branded product of Airlite Plastics Co. The company has produced over 40 million square feet of ICF wall surface for the construction industry and pursued this acquisition opportunity as a way to expand customer access to innovative green building solutions.
“Reward has done an excellent job of growing the residential and commercial ICF market segments by working closely with contractors, design professionals and owners. We’re excited about the opportunity to expand Fox Blocks’ product line—and the growth of this market—by combining the strength of two ICF innovators and leaders,” explained Brad Crosby, Airlite Plastics Co. president and CEO.
Both Airlite Plastics Co. and Reward Wall Systems are headquartered in Omaha, Neb., where the companies have enjoyed a long-standing business relationship. Airlite Plastics is one of the earliest molders to design and manufacture ICF blocks and produced Reward ICF units from 1996-2008.
Reward Wall System Inc. President Ed Storm endorsed the purchase, explaining, “This is a perfect marriage. Airlite Plastics worked with Reward for years and is intimately familiar with the product line. Their expertise in ICF design and self-manufacture together with this expanded volume make for a potent synergy that should be great for existing and new ICF customers.”
Fox Blocks ICF Vice President Mike Kennaw commented, “This acquisition reflects the Fox Blocks commitment to helping grow the ICF market. By gaining scale and volume, we hope to be an ever stronger member of the ICF market, expanding our footprint in the North America market at the same time that we help expand the industry’s footprint in the broader construction products market.”
A key objective over the next three months will be to introduce Reward customers to the Fox Blocks products and personnel. This will insure a smooth transition once the asset acquisition is closed. Prior to the February 15th close Reward Wall Systems will continue to exclusively handle sales and service of Reward products.