Private equity's Branford Castle Partners buys Drew Foam

Private equity's Branford Castle Partners buys Drew Foam

June 5, 2018

Private equity's Branford Castle Partners buys Drew Foam


Drew Foam Cos. Inc., which specializes in quick-turnaround expanded polystyrene products, has a new owner.

The Monticello, Ark-based company, which has additional manufacturing sites in Portland, Tenn., and Anderson, S.C., was sold to private equity firm Branford Castle Partners LP by publicly traded business development company Gladstone Investment Corp. along with members of management and an unnamed co-investor.

"Drew's logistical capabilities and ability to deliver low-volume custom products on a just-in-time basis are unique competitive advantages," said John Castle, CEO of New York-based Branford Castle, in a statement. "We are looking forward to enhancing the company's packaging industry growth, extending its customer base, innovating new products and entering new regions."

Gladstone owned Drew Foam for six years.

"The management team, led by Bill Givens, achieved outstanding results in both growing and transforming the business since August 2012," said Greg Bowie, director of private equity at Gladstone.

Drew Foam touts its just-in-time manufacturing capabilities and says it processes more than 100 different orders each day. About 80 percent of those orders are made and shipped within 24 hours and 95 percent are on the road within 48 hours.

Drew Foam has a customer base of more than 700, and no single customer accounts for more than 5 percent of sales. It currently provides EPS products to industrial, construction, cold chain, pharmaceutical, food and consumer markets, primarily in the Southeast.

Terms of the deal were not announced. Gladstone previously indicated it invested $21.3 million in Drew Foam in 2012, through a combination of debt and equity.

"With the sale of Drew Foam and from inception in 2005, Gladstone Investment has exited 13 of its management supported buyouts realizing significant net realized gains on these investments. These realized gains are a result of Gladstone Investment's strategy and capability as a buyout fund and our investment approach of realizing gains on equity, while generating strong current income during the investment period," Gladstone President David Dullum said in a statement.

Drew Foam indicated it can use up to 60 percent recycled content in its products and recovers 90 percent of its own production scrap.

Story from Jim Johnson posted on:

Customer Service


Our Locations

Drew Foam Co, Inc.

1093 Hwy 278 East
Monticello, AR 71655
(800) 643-1206

Drew Foam of Tennessee

3050 Barry Dr
Portland, TN 37148
(800) 643-1206

Drew Foam of South Carolina

107 Service Road
Anderson, SC 29625
(800) 643-1206

For over 50 years,

Drew Foam has prided ourselves on customer service, providing quality products while exceeding customers expectations and meeting their needs. Whether you are looking for our EPS foam packaging products, insulation, construction materials, or OEM applications, Drew Foam can help.

Copyright ©2022 Drew Foam. All Rights Reserved.