LOS ANGELES, CA / ACCESS Newswire / January 6, 2026 / Pacific Avenue Capital Partners (“Pacific Avenue”), a leading global private equity firm focused on corporate carve-outs and other complex situations in the middle market, announced today that an affiliate of Pacific Avenue, alongside Cameron Ashley Building Products, has acquired Therm-All from Incline Equity Partners. Therm-All is a fabricator and distributor of metal building insulation and related products serving commercial and industrial end markets. Headquartered in Westlake, Ohio and with thirteen strategic locations nationwide, the Company is one of the largest metal building insulation providers in the United States. Therm-All’s consultative sales approach, energy code expertise, and targeted product offering differentiate the Company and position it as a value-add partner to more than 2,000 customers.
Recently divested from Specialty Products and Insulation, the acquisition of Therm-All is the latest example of Pacific Avenue’s ability to effectively and seamlessly execute carve-outs across a wide variety of industries. Under Pacific Avenue’s and Cameron Ashley’s stewardship, Therm-All will focus its efforts on strengthening its customer relationships and executing several growth initiatives related to its core and emerging product offerings.
“We are pleased to welcome Therm-All to the Pacific Avenue and Cameron Ashley family. This investment reflects our focus on partnering with strong businesses to help them reach their full potential. I am confident that, in conjunction with Cameron Ashley, by working closely with the management team we can drive long-term value. Therm-All is a leading metal building insulation solutions provider and has deep customer relationships, which we believe keeps it well-positioned to build on its legacy and pursue compelling growth opportunities across core and adjacent end markets.”
-Chris Sznewajs, Founder and Managing Partner of Pacific Avenue
“We look forward to partnering with Pacific Avenue to drive the next phase of Therm-All’s growth. We believe Pacific will be a great partner given their depth of experience in the building products industry and their emphasis on supporting customer-first initiatives.”
-Dennis Kaczmarek, CEO of Therm-All
BofA Securities served as the buy-side M&A advisor, Weil, Gotshal & Manges served as the buy-side legal advisor, and KPMG provided buy-side accounting and tax services.
About Pacific Avenue Capital Partners
Pacific Avenue Capital Partners is a global private equity firm, headquartered in Los Angeles with offices in Paris, France. The firm is focused on corporate divestitures and other complex situations in the middle market. Pacific Avenue has extensive M&A and operations experience, allowing the firm to navigate complex transactions and unlock value through operational improvement, capital investment, and accelerated growth. Pacific Avenue takes a collaborative approach in partnering with strong management teams to drive lasting and strategic change while assisting businesses in reaching their full potential. Pacific Avenue has approximately $3.8 billion of Assets Under Management (AUM) as of September 30, 2025. The members of the Pacific Avenue team have closed over 120 transactions, including over 50 corporate divestitures, across a multitude of industries throughout their combined careers. For more information, please visit www.pacificavenuecapital.com.
About Cameron Ashley
Cameron Ashley Building Products is a leading omni-channel distributor of interior and exterior building products including insulation, roofing, siding, gypsum and other specialty building products. Cameron Ashley operates a network of over 70 stocking distribution centers with a total storage footprint of over 3.8 million square feet. The warehouses are strategically located throughout 38+ states in the West, Midwest, Southeast, and Northeast United States. The warehouse footprint is supported by a fleet of over 100 box trucks, over 185 tractors and 600 trailers that make over 350,000 deliveries every year. Through the warehouse operations, as well as an established direct-from-manufacturer business model, Cameron Ashley Building Products serves over 10,000 customer locations in the lumber and building materials industry.
About Therm-All
Therm-All has been at the forefront of innovative metal building insulation solutions since 1981. With thirteen locations nationwide, Therm-All has become one of the largest metal building insulation laminators in the United States. Their product portfolio includes a full line of custom fiberglass and rigid insulation systems, reflective insulation, door and window systems, metal building accessories, insulation retrofit and more. With the belief of treating customers like friends and employees like family, they’ve maintained their service-first approach throughout their near 50-year history.
Contact Information
Chris Baddon
Principal
cbaddon@pacificavenuecapital.com
SOURCE: Pacific Avenue Capital Partners
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