Mirus Advises National Fiber in Sale to Tenex Capital

Mirus Capital Advisors announced that National Fiber, a leading manufacturer of cellulose insulation located in Belchertown, Mass., has been acquired by the parent of U.S. GreenFiber LLC, a portfolio company of Tenex Capital Management.  Mirus served as exclusive financial advisor to the owner of National Fiber in arranging the transaction.

National Fiber is a leading manufacturer of cellulose insulation, providing its Cel-Pak insulation to building products distributors and professional weatherization contractors throughout the northeastern United States.  Made from recycled newsprint and with excellent R-value and low embodied energy content, National Fiber’s cellulose insulation is a high-quality, high-performance building product that enhances consumer safety with its Class-A fire rating and fire-blocking capabilities.

GreenFiber is the largest manufacturer of cellulose insulation with eight manufacturing plants located throughout the United States.  GreenFiber’s products are sold in the U.S. and Canada to residential and commercial insulation contractors and retailers specializing in building products.

“After 15 years building National Fiber’s position as the quality leader in the cellulose insulation industry, I wanted to transition the company to owners who see the market opportunities arising from the many benefits of cellulose as compared to fiberglass and spray foam insulation,” said Chris Hoch, owner and CEO of National Fiber.  “Mirus generated significant strategic and financial interest in National Fiber, and I appreciate the number of alternatives I was able to consider before deciding on Tenex.  I’m astounded by the sophisticated guidance and expert advice Mirus provided me through the entire sale process.”

“Chris Hoch built a solid business and an excellent reputation as a leader in the cellulose insulation industry by competing on product quality and customer service.  We are pleased Tenex saw the value associated with adding National Fiber to their cellulose insulation portfolio,” said Mirus investment bankers Peter Alternative and Andrew Crain.  “We truly enjoyed working with Chris to reach his dual objectives of achieving liquidity for retirement while positioning National Fiber for continued growth.”