OnMark Capital Advises on Acquisition of Mar-Flex by Keene, Inc.

OnMark Capital, a boutique buy-side M&A advisory firm providing outsourced corporate development and acquisition execution services to family offices, corporations, and private equity firms, announced today that it successfully advised its client, Keene, Inc., on the acquisition of Mar-Flex Waterproofing & Building Products, a leading manufacturer of below-grade waterproofing systems.

Keene, Inc., headquartered in Cleveland, Ohio, is a diversified manufacturing company founded in 2002 that owns and operates multiple businesses focused on high-performance building materials, custom specialty coatings, and resinous flooring systems. The acquisition of Mar-Flex expands Keene’s building envelope capabilities into below-grade applications, enabling the company to deliver comprehensive systems — from foundation to facade — across commercial, residential, and multifamily construction markets. 

Mar-Flex, a Carlisle, Ohio-based company, brings more than 40 years of expertise in waterproofing, drainage, and insulation solutions for foundation applications. Its product portfolio includes ARMOR waterproofing, Top Gun Insulation, and Geomat drainage board. Combined with Keene’s existing portfolio, the acquisition strengthens Keene’s ability to offer fully integrated building envelope systems.

“With Mar-Flex added, Keene Building Products will provide systems for the roof with Viper Vent products, for the walls with DRIWALL Rainscreen and Mortar Net, for floors with Quiet Qurl sound mat, and for foundations with a complete Mar-Flex system of waterproofing, drainage board, and insulation,” said Jim Keene, founder of Keene, Inc. “This acquisition covers it all and meaningfully expands our system capabilities while offering complete, high-performance building solutions.”

According to Eric Nelson, President of OnMark Capital, the firm worked closely with Keene’s executive team on investment criteria, while conducting sector research across targeted product categories. OnMark screened thousands of companies, identified Mar-Flex as a strong strategic fit, and supported Keene during the process.

“We bring the resources, senior-level attention, and disciplined sourcing required to execute complex acquisition strategies,” said Nelson. “Our approach is grounded in deep sector knowledge and long-term relationship building, ensuring acquisitions are aligned with our clients’ strategic and investment priorities.”

Terms of the acquisition were not disclosed.