Why Principal Mineral Bought Isola: The Vision Behind the Acquisition

Estimated reading time: 6 minutes

With a mission focused on strengthening domestic capacity for strategic minerals and materials critical to national security, energy, AI, defense, and next-generation manufacturing, Principal Mineral is working to address some of the most urgent vulnerabilities in today’s supply chain. Its recent acquisition of Isola Group adds a major electronics materials platform to that portfolio. In this interview, Principal Mineral cofounders Adam Johnson, CEO, and Wes Spurlock, COO, discuss why Isola matters and what it will take to rebuild resilient U.S. supply chains at an industrial scale.

Marcy LaRont: Adam and Wes, Isola Group has been a cornerstone supplier to the PCB industry, so your acquisition is significant and noteworthy for the electronics manufacturing industry. Tell me about yourselves and how Principal Mineral came together.

Adam Jo​​​​​​​hnson: My background is in critical minerals and advanced materials, both as an operator and investor. Before founding Principal Mineral, I led corporate development and strategy at MP Materials, where I focused on building a fully integrated U.S. rare earth supply chain. I later led rare earth investments at Ara Partners and advised the Department of Energy on investment frameworks for critical minerals. Wes and I met in 2020, stayed in close contact, and ultimately founded Principal Mineral to help strengthen America's industrial base through strategic materials and manufacturing.

Wes Spurlock: I'm a retired U.S. Air Force colonel. During my 25-year military career, I served at both the Pentagon and the White House, including as military aide to Presidents Obama and Trump, where I carried the presidential emergency satchel, better known as the "nuclear football." Later, as a White House Fellow and then at the Pentagon, I worked on initiatives to strengthen critical supply chains and founded what became the Office of Strategic Capital, focused on accelerating private investment into technologies vital to U.S. national security. Those experiences convinced Adam and me that rebuilding domestic capacity for critical materials would require a new approach, ultimately leading to the creation of Principal Mineral.

LaRont: It seems like quite a leap to go from critical minerals and rare earth magnets to electronics.

Spurlock: It might seem that way on the surface, but the underlying problem is exactly the same. Whether you're talking about rare earth magnets, PCBs, or any of the other critical technologies the Pentagon is focused on, they're all part of interconnected supply chains. Too often, companies focus only on their piece of the puzzle without realizing they're dependent on every link around them. When one link fails, the entire supply chain suffers.

People don’t think about supply chains until they can't get the products they rely on. COVID highlighted just how vulnerable we've become. Today, the issue isn't simply efficiency; it's access. Globalization delivered tremendous benefits, but when critical supply chains can be disrupted or used as geopolitical leverage, resiliency becomes just as important as cost.

LaRont: Would you say that alleviating critical supply chain weakness is the foundation behind Principal Mineral?

Spurlock: Yes. We combined Adam's experience in private industry with my background in government and national security to build a company that solves strategic supply chain challenges with commercially viable businesses. We've found that when you bring together the right technology, expertise, and capital, you can create solutions that make both economic and strategic sense.

That's exactly what we're doing with Camden Copper and now with Isola. Rather than simply talking about supply chain resiliency, we're investing in companies that strengthen it. Our objective is to solve critical bottlenecks, rebuild domestic capability, and create stronger supply chains that can compete globally.

Johnson: Wes referred earlier to the challenge from the government’s perspective. From the private sector, we're seeing the same thing. Over the past 50 years, many of these critical supply chains have moved offshore, leaving us increasingly dependent on overseas competitors for technologies essential to innovation, economic competitiveness, and national security.

Today, that dependence extends across electric vehicles, semiconductors, PCBs, AI infrastructure, and other advanced technologies. Building resilient supply chains is no longer simply an economic issue; it's become a strategic imperative. How critical materials are sourced, manufactured, and distributed will play a major role in determining future technological leadership.

That's what motivates us. We see an opportunity to rebuild domestic capability by investing in businesses that solve critical bottlenecks across these supply chains.

LaRont: Isola has been one of the world's leading copper-clad laminate manufacturers. Why did Principal Mineral acquire Isola?

Johnson: Acquiring Isola aligns directly with our mission of strengthening critical supply chains. As we expanded Camden Copper and gained a deeper understanding of the PCB industry, it became clear that while there are more than a hundred PCB fabricators in North America, there are relatively few major laminate manufacturers, particularly those with significant operations in North America and Europe.

Through our commercial relationship supplying copper foil to Isola, we came to appreciate both the strength of its team and its importance to the electronics ecosystem. We believe resilient supply chains require strong domestic capabilities at every critical stage, from copper foil through laminate production and ultimately PCB manufacturing. Bringing Camden Copper and Isola together strengthens that foundation and better positions the industry for future growth.

LaRont: Mergers and acquisitions are nothing new in this industry. Naturally, customers want to know what changes they should expect.

Johnson: Our priority is continuity. We intend to build on Isola's strengths by investing in its people, capabilities, and long-term growth. Wes has been leading much of our integration planning.

Spurlock: From our perspective, this acquisition is about creating a stronger, more resilient supply chain. Isola brings exceptional manufacturing capabilities and a global footprint, while Camden Copper gives us greater visibility into one of the industry's most important upstream materials. Together, they allow us to better understand the challenges across the entire value chain and make more informed decisions.

For Isola customers, the message is simple: expect continuity, continued investment, and a long-term commitment to growth. We have a different mandate than the previous ownership. Our focus is on strengthening the business, expanding its capabilities, and helping ensure that this critical part of the electronics supply chain remains strong for years to come.

LaRont: So, Principal Mineral's mission extends well beyond critical minerals?

Johnson: Exactly. We work throughout the supply chain, identifying the points where a lack of capacity or resiliency threatens downstream manufacturing. Sometimes that means acquiring established companies, as we've done with Isola. Other times, it means developing new capabilities, as we've done with rare earth metals and fluorides. Our role is to be a private-sector partner focused on solving strategic supply chain challenges.

LaRont: Does that strategy also involve government partnerships, including funding?

Spurlock: When government programs can help accelerate solutions, we'll certainly work with them. But our business isn't dependent on government funding. We see strong interest from both private investors and policymakers because they recognize that rebuilding domestic manufacturing isn't simply good industrial policy, it's good business.

One of our advantages is understanding how government and private capital can work together. More importantly, this isn't a partisan issue. Strengthening critical supply chains has received support across multiple administrations because the need is clear. Whether you're talking about defense systems, automobiles, consumer electronics, or AI infrastructure, none of it works without a resilient industrial base.

Camden Copper is a good example. Camden is the only electrodeposited (ED) copper foil factory in the Western Hemisphere. Preserving that capability wasn't just about saving a factory; it was about protecting an essential link in the electronics supply chain.

LaRont: Losing Camden would have been a major blow to the industry. At that time, I was surprised that the U.S. government was not stepping in. I’m glad that Principal Mineral did.

Spurlock: The challenge is that government isn't structured to move at the speed industry requires. Programs like the Office of Strategic Capital (OSC), which I helped establish, are helping close that gap by attracting private investment into strategically important industries. That's where we believe Principal Mineral can make a difference. We evaluate supply chains from a commercial perspective, identify the critical points of failure, and build business cases that strengthen both industrial competitiveness and national security. That's exactly the approach we're taking with companies like Camden Copper and Isola.

LaRont: Camden Copper is still a fairly recent acquisition for Principal Mineral. How has that business progressed since you acquired it?

Johnson: We've made tremendous progress in a relatively short time. We've brought idle production cells back online, improved yields and operational efficiency, invested in both the facility and the workforce, and begun positioning the company for next-generation materials, including thinner copper foils. Just as importantly, we've strengthened the business for our customers by creating a more sustainable operation with a long-term growth strategy. We're committed to being a reliable supplier for years to come.

LaRont: Copper foil remains one of the most critical materials in the electronics supply chain. Are you planning to expand production?

Spurlock: Absolutely. Demand continues to exceed our current capacity, and we're actively expanding production. Since acquiring Camden Copper, we've increased output significantly and are bringing additional production cells online while expanding our capability to manufacture thinner foils required for advanced electronics.

One of Camden's greatest strengths is that it's already a qualified manufacturing operation. Building a new facility from scratch would mean starting over with certifications, customer qualifications, and workforce development. We already have those assets in place, and perhaps most importantly, we have an experienced team. Retaining that talent has been one of our highest priorities because that knowledge simply can't be replaced.

This July marks one year since Camden Copper produced its first American-owned, American-made copper foil under our ownership. The response from the market has reinforced what we've believed from the beginning: maintaining domestic manufacturing capability matters.

Whether it's copper foil, laminates, or PCBs, these are all essential links in the same supply chain. If we lose one, the entire ecosystem becomes weaker. That's why we're investing in companies like Camden Copper and Isola. Our mission is to strengthen those critical links, support our customers, and help ensure the electronics supply chain remains resilient for the long term.

LaRont: Thank you both, and congratulations again on this important acquisition.