Posted: October 4, 2021 at 8:12 p.m. MDT|Update: 1 hour ago
COMPTON, Calif., October 4, 2021 / PRNewswire / – IPS Corporation (“IPS” or the “Company”) today announced the completion of its acquisition by Centerbridge Partners, LP (“Centerbridge”), a leading private equity firm, of Cypress Performance Group, LLC (“Cypress”). George moore and Dan Saint-Martin will continue to serve as IPS’s Executive Chairman and CEO, respectively.
IPS offers a comprehensive offering of specialized and highly technical industrial products, including solvent-based cements, raw plumbing and roofing products, as well as structural and surface adhesives. Well-known brands of the company include Weld-On®, Christy’s ™, Water-Tite®, Studor®, Scigrip® and others. The Company sells its products through wholesale and retail channels to a diverse customer base across the globe with manufacturing operations in United States, the UK, and China.
IPS had been owned since 2017 by Cypress, a diversified industrial holding company created by the former CEO of Danaher Corporation George sherman. Under the direction of George sherman, George moore, and Dan Saint-Martin, IPS has deployed a version of the Danaher Business System, a holistic operating model through which strategy, operations and financial performance are managed. Several major Cypress shareholders, including the Sherman family and Shumway Capital, will continue to be IPS shareholders alongside Centerbridge.
Financial terms of the transaction were not disclosed.
BofA Securities and Credit Suisse served as financial advisers to IPS on the transaction. Morgan, Lewis & Bockius LLP acted as legal counsel to IPS and Cypress. Jefferies was Centerbridge’s senior financial advisor. Jefferies, Credit Suisse, funds managed by Apollo, SMBC, KeyBanc Capital Markets, BMO Capital Markets, Nomura and MUFG funded the transaction. Latham & Watkins LLP acted as legal counsel to Centerbridge.
About IPS Corporation
Founded in 1954 as the original inventor of solvent cement for PVC pipe applications, IPS Corporation is a trusted manufacturer of raw plumbing and roofing supplies for the construction industry, as well as adhesives. structural and solvent-based cements for a wide range of building materials, industrial and manufacturing applications. Our main brands include WELD-ON®, CHRISTY’S ™, WATER-TITE®, TEST-TITE®, GUY GRAY ™, TRUEBRO®, STUDOR®, AB & A®, SCIGRIP®, INTEGRA® and UNIKA®. Based at California, IPS Corporation operates throughout the United States, Europe, and Asia. Learn more at www.ipscorp.com.
About Centerbridge Partners
Centerbridge Partners, LP is a private investment management firm that uses a flexible approach across all investment disciplines – private equity, private credit and real estate – with the aim of developing the most attractive opportunities for its investors. The firm was founded in 2005 and from August 1, 2021 around $ 31 billion in capital under management with offices in new York and London. Centerbridge is committed to partnering with world-class management teams in targeted industry sectors and geographies. For more information, please visit www.centerbridge.com.
About Cypress Performance Group
Cypress Performance Group, LLC is a holding company founded by George sherman focused on value-added manufacturing or industrial service companies in sectors with consolidation opportunities. Cypress helps companies execute their strategic plan by using its business system to focus on growth and operational efficiency while developing leading practices to improve customer experience and create shareholder value .
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SOURCE IPS Corporation
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