Lexicon, Inc. announced Tuesday (July 5) that it has acquired Universal Limited, Inc. of Trussville, Ala. Terms of the private deal were not disclosed.
Effective immediately, the insulation contractor and its nearly 200 Alabama-based employees will join Lexicon’s portfolio of businesses. All existing employees and key leadership will continue their employment and remain in Alabama.
“Between our mutual histories as longstanding family-owned businesses and our shared vision to define excellence, we knew Universal would be the perfect addition to the Lexicon family,” said Patrick Schueck, Lexicon’s president and CEO. “As part of our intentional growth strategy, this acquisition allows us to strategically expand our service offerings and reach new customers across the country.”
Established in 1974 by Sue and John Howell, Universal is a family-owned business that serves the commercial and industrial insulation markets. It has grown its service offerings to include scaffold erection and siding.
As the second generation of his family to lead the company, CEO and owner Rick Howell has broadened Universal’s market presence to include the steel, cement, chemical processing and power industries while also expanding its service offerings to include insulation maintenance, roofing/siding and painting.
“As I near retirement from a company that my parents built, I sought to identify a company that would build on our solid footing and is a natural fit for our employees and customers – Lexicon epitomizes that,” said Howell, who will be division president of Universal. “We look forward to joining the Lexicon family.”
The company will transition to a new name, Universal, a Lexicon Inc. company.