Case Studies

Quad-C has partnered with dozens of owners and management teams to help build their companies through a combination of organic growth and strategic acquisitions.


InterWrap, Inc. (“InterWrap” or the “Company”) is a manufacturer of highly-engineered coated woven materials for a broad range of applications including synthetic roofing underlayment, protective packaging and geomembranes. Based in Vancouver, the Company has grown since 1983 from what started out as a woven sandbag business, to an innovative, market-leading, branded specialty materials business operating on a global scale. At the time of our exit, global sales were supported by flexible manufacturing and distribution capabilities in China, India, Canada and the United States.

Over its history, InterWrap had been a very successful entrepreneurially run business with impressive top-line growth, leading market positions and quality products, but similar to many entrepreneurial businesses, had underinvested in systems and infrastructure relative to the growth of the business and, as a result, its performance was not being fully optimized.

Recognizing the potential to take the Company to the next level, the founders sought a private equity partner and decided to partner with Quad-C in a 50/50 transaction in 2013.


With the support of Quad-C and the founders, management executed on the value creation plan which included:

  • Enhancing operational capabilities by augmenting a strong existing management team with additional expertise (CEO promoted internally at the time of the transaction, added depth/expertise in sales, finance, marketing, IT, logistics and manufacturing functions).

  • Investing in IT systems to drive improved efficiencies, controls and consistency.

  • Optimizing product line portfolio to focus energy on higher value-add, higher margin product lines while also enhancing pricing discipline and administration.

  • Dramatically improving financial and operational reporting.

  • Implementing manufacturing process improvements to drive higher operational equipment efficiency (i.e., enhanced capacity without dramatic capital investment), reduce scrap rates and increase scrap utilization, thereby lowering costs of production.

  • Investing in new product development and innovation to maintain and build upon market leading positions and position the Company for future growth.

As a result, InterWrap achieved record sales performance while enhancing EBITDA margins by over 500 bps and growing EBITDA by over 70% during Quad-C’s investment period.


Given the Company’s strong organic growth, dramatic margin improvement and operational transformation, Quad-C sold the business to a strategic acquirer in April 2016.