Pacific Avenue Capital Partners Expands Portfolio with Therm-All

Los Angeles-based private equity firm Pacific Avenue Capital Partners announced that one of its affiliates, along with 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 customers. Under the ownership of Pacific Avenue and Cameron Ashley, Therm-All will focus its efforts on strengthening its customer relationships and executing growth initiatives related to its core and emerging product offerings.

“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,” said Dennis Kaczmarek, chief executive of Therm-All, in a statement.

The company’s product portfolio includes custom fiberglass and rigid insulation systems, reflective insulation, door and window systems, and metal building accessories. Founded in 1981 by Robert Smigel and Dennis Kaczmarek and headquartered in Westlake, Ohio, Therm-All is present in 13 locations in the United States.

Pacific Avenue specializes in corporate divestitures in the middle market. Pacific Avenue has approximately $3.8 billion of assets under management as of September 30, 2025.

“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,” said Chris Sznewajs, founder and managing partner of Pacific Avenue, in a statement.

South Carolina-based Cameron Ashley Building Products is an omni-channel distributor of interior and exterior building products, including insulation, roofing, siding, gypsum and other specialty building products. Through its warehouse operations, as well as an established direct-from-manufacturer business model, the company serves over 10,000 customer locations in the lumber and building materials industry in the United States.

Information for this article was sourced from Pacific Avenue Capital Partners.