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Irex Corporation (Irex) is a $250 million Lancaster, Pennsylvania-based specialty contracting company. Irex conducts business in the United States and Canada through its 16 wholly-owned and majority owned subsidiaries that provide mechanical and thermal insulation, abatement, other specialty contracting services.

Burdened in recent years with thin-trading in its common stock and the asbestos-related bankruptcy of one of its subsidiaries, ACandS, Inc., the Company had few alternatives for liquidity or transition.

In May 2006, Irex was approached by North Lime Holdings Corporation (North Lime), a management, director and shareholder-led buyout group, regarding the purchase of the remaining shares in Irex not controlled by North Lime.

Recognizing that there were complex valuation and transaction issues related to the proposed transaction, particularly with respect to Irex's potential asbestos risk and the inclusion of Irex management and directors in the buyout group, the Special Committee of the Board of Directors hired Curtis to provide a fairness opinion. Curtis provided its opinion to the Company's Independent Special Committee, providing them with the support necessary to assist them with fulfilling their fiduciary obligation to non-participating shareholders.