Generational Equity Advises Spray Foam Distributors in its Sale to Specialty Products and Insulation

By Generational Group


Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce the sale of its client, Spray Foam Distributors of New England, Inc. and Spray Foam Distributors of Boston, LLC (Spray Foam), to Specialty Products and Insulation (a portfolio company of Incline Equity Partners). The acquisition closed December 30, 2022.

Spray Foam has been in operation in New Hampshire since 2005 and expanded to Boston in 2017. The Company distributes spray foam materials, equipment, custom-built spray foam rigs, training, parts, and repair to insulation contractors in New England. Spray Foam has the knowledge, experience, and expertise to help customers plan, prepare and equip their new spray foam businesses.

Specialty Products and Insulation (SPI), headquartered in Charlotte, North Carolina, with multiple locations throughout North America, is a leading value-added distributor and fabricator of mechanical and building insulation products, serving commercial, industrial and residential markets throughout the U.S. and Canada.

Incline Equity Partners (Incline), headquartered in Pittsburgh, Pennsylvania, is a private equity firm investing in manufacturing, distribution and business services companies. Incline is generally seeking growing companies with enterprise values of $25 – $750 million. Incline’s typical investment types are ownership transitions for privately held businesses, buyouts and corporate divestitures within the U.S. and Canada.

Generational Equity Executive Managing Director, M&A-Technology Practice Leader, David Fergusson, and his team, led by Managing Director, M&A, Moses Shmueli, with the support of Senior Vice President, M&A, Tristan Keeffe, successfully closed the deal. Executive Managing Director Rick Buchoz established the initial relationship with Spray Foam.

“While there was a strong amount of interest for this business, it was clear from the start that SPI/Incline would make an ideal acquiror,” said Shmueli. 

Shmueli added, “Spray Foam offers unparalleled customer support and training as well as a strong foothold in the Northeast. I look forward to seeing how SPI takes Spray Foam’s business model and unique know-how nationwide.”

About Generational

Headquartered in Dallas, Generational is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 17 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. For more information, visit