Indiana Limestone Co. Teams With Quarton Partners, Initiates Aggressive Growth/Acquisitions Phase

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Fresh strategic approaches have been a key to ILCO’s renewed progress.

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All these successful initiatives lead us to believe that the time is right to engage Quarton Partners and identify areas of investment opportunity.

An agreement between Indiana Limestone Co. (ILCO) and Quarton Partners, a leading middle-market investment banking firm based in Birmingham, Mich., will provide strategic support to help identify potential acquisitions and new business partnerships.

Indiana Limestone Company has been on a rapid growth trajectory for the past fifteen months which has been supported by an increase in market share, geographical expansion, a focus on operational excellence, and a very healthy economic construction environment. “We are pleased to partner with Quarton Partners to examine opportunities for our company as we are working to create even greater customer value in the market,” said Tom Quigley, CEO of Indiana Limestone.

Andre Augier, Quarton Partners Chairman and CEO, said he expected the connection between his firm and ILCO to be a productive one. “We’re excited to partner with a historically outstanding firm that has again proved itself a leader in its category,” he said. “We’ll be assisting them in looking at excellent acquisition and partnership opportunities across North America, Quarton Partners is eager to help chart the aggressive course that our client seeks to pursue.”

Said John Hatherly, Managing Partner at Wynnchurch, "ILCO has thrived thanks to visionary and innovative leadership brought to this business – and the hard work of the management team and of the employees. Our partnership has been mutually beneficial to Indiana Limestone and Wynnchurch, and the opportunity to invest in the Building Products space is attractive as we see the company as a business platform for us."

ILCO, an iconic Indiana firm with roots reaching back to the 19th century, was itself acquired in May 2014 by Wynnchurch Capital, Ltd., Chicago a top tier middle market private equity company. Since then, ILCO has doubled its excavation figures, grown its top line, and added some 50-plus new employees creating jobs in the Hoosier state. This notable revival was recognized recently with a Turnaround of the Year Award in the Construction & Building Services from Global Mergers & Acquisitions Network (Global M&A) and earlier this year was awarded the small cap award by ACG of Indiana.

Fresh strategic approaches have been a key to ILCO’s renewed progress. The company has introduced new products demanded by the construction market, including its popular Thin Veneer stone. In addition, the company has developed and deployed new operating efficiencies and ‘green’ methods in quarrying and manufacturing, supported by an infusion of fresh capital.

Another strong offering is ILCO Treads, real-stone steps that add visual distinction to the entrances of residences and other structures. Quigley said interest in this product has been especially strong on the East Coast.

“We’re expecting a substantial uptick in sales from the introduction of these new specialty products,” he said. “We’ve also been making great headway with architects, designers, and fabricators across North America to enrich their buildings with our stone. All these successful initiatives lead us to believe that the time is right to engage Quarton Partners and identify areas of investment opportunity.”

For more information on Indiana Limestone Company, please visit .

About Quarton Partners
Quarton Partners is a leading middle market investment banking firm. Quarton provides merger and acquisition advisory, equity and debt capital raising and advice on complex securities transactions. Quarton’s client base includes private and publicly traded companies and private equity firms. Over more than a quarter century, the principals of Quarton have completed over 500 securities transactions in 25 countries globally. Quarton is recognized as a premier investment banking platform, having completed transactions across several markets, including business services, consumer products, distribution, healthcare and industrial manufacturing.

About Wynnchurch Capital, Ltd.
Wynnchurch Capital, Ltd., headquartered in the Chicago suburb of Rosemont, Illinois with offices in Michigan and Toronto, and affiliates in New York City, Los Angeles, and Montreal, Canada, was founded in 1999 and is a leading middle-market private equity investment firm. Wynnchurch's strategy is to partner with middle market companies in the United States and Canada that possess the potential for substantial growth and profit improvement. Wynnchurch Capital manages a number of private equity funds with $2.3 billion under capital management and specializes in management buyouts, recapitalizations, corporate carve-outs, restructurings and growth capital. For more information, please visit .

About Indiana Limestone Co.
Indiana Limestone Company is unmatched as the premier supplier of Indiana Limestone in a range of beautiful and lasting building products. Founded in 1926 (with predecessor firms that had been quarrying limestone since the mid-1800s), ILCO today remains the provider of choice for this internationally renowned natural stone. Throughout an illustrious history in which its stone has made such iconic structures as the Empire State Building, National Cathedral, and the Pentagon, ILCO has reliably provided the highest quality products and services carefully tailored to the needs of the market with an environmental, natural focus.

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Duffe Elkins