Centerbridge Partners Completes Acquisition of IPS Corporation
Published: Oct 4 2021 at 10:12 PM EDT|Updated: 1 hour ago
COMPTON, California., Oct 4 2021 /PRNewswire/ — IPS Corporation (“IPS” or the “Company”) today announced the closure of its acquisition by means of Centerbridge Partners, LP (“Centerbridge”), a leading private equity firm, of Cypress Performance Group, LLC (“Cypress”). George Moore and Dan St. Martin remains Executive Chairman and CEO, respectively, of IPS.
IPS offers a comprehensive range of specialty, high-tech industrial products, including solvent cements, rough plumbing and roofing products, and structural and surface adhesives. The company’s well-known brands include Weld-On®, Christy’s™, Water-Tite®, Studor®, Scigrip® and others. The company sells its products through its wholesale and retail channels to a diverse customer base around the world with manufacturing operations in the United States, the United Kingdom, and China.
Since 2017, IPS has been owned by Cypress, a diversified industrial holding company founded by the former CEO of Danaher Corporation George Sherman. Led by George Sherman, George Moore, and Dan St. MartinIPS has implemented a version of the Danaher Business System, a holistic business model that manages strategy, operations and financial performance. Several major Cypress shareholders, including the Sherman family and Shumway Capital, will continue to be IPS shareholders in addition to Centerbridge.
The financial terms of the transaction have not been disclosed.
BofA Securities and Credit Suisse were financial advisors to IPS on the transaction. Morgan, Lewis & Bockius LLP was legal counsel to IPS and Cypress. Jefferies was Centerbridge’s chief financial adviser. Jefferies, Credit Suisse, Apollo managed funds, SMBC, KeyBanc Capital Markets, BMO Capital Markets, Nomura and MUFG have funded the transaction. Latham & Watkins LLP was 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 rough plumbing and roofing supplies for the construction industry, as well as structural adhesives and solvent cements for a wide variety of construction, industrial and manufacturing applications. Our leading brands include WELD-ON®, CHRISTY’S™, WATER-TITE®, TEST-TITE®, GUY GRAY™, TRUEBRO®, STUDOR®, AB&A®, SCIGRIP®, INTEGRA® and UNIKA®. headquarters in California, IPS Corporation has offices 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 takes a flexible approach to all investment disciplines – private equity, private credit and real estate – in an effort to develop the most attractive opportunities for its investors. The office was founded in 2005 and from: August 1, 2021 has about $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, visit www.centerbridge.com.
About Cypress Performance Group
Cypress Performance Group, LLC is a holding company founded by: George Sherman aimed at value-added manufacturing or industrial service companies in sectors with consolidation potential. Cypress helps companies implement their strategic plan by using the business system to focus on growth and operational efficiency, while developing industry-leading practices to improve customer experience and deliver shareholder value.
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SOURCE IPS Corporation
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