Funds advised by Centerbridge Partners LP, a private investment firm, to acquire IPS Corp. from Cypress Performance Group LLC. George Moore and Dan St. Martin will continue to serve as executive chairman and CEO of IPS, respectively.
IPS provides an offering of industrial products including solvent cements, rough plumbing and roofing products, and structural and surface adhesives. The company’s brands include Weld-On, Christy’s, Water-Tite, Studor, Scigrip and others.
“George Sherman and George Moore are highly accomplished industrial leaders, and they have continued their impressive track record of value creation at IPS,” said Steven Silver, global co-head of private equity and senior managing director at Centerbridge. “The company is a world-class manufacturer with leadership positions across its key product categories and stands to benefit from strong market tailwinds in its attractive end markets.”
“Over the years, we have partnered with outstanding executives who have used the Danaher Business System to drive outperformance,” added Conor Tochilin, managing director at Centerbridge. “We believe George Moore, Dan St. Martin, and the IPS team are similarly poised to drive excellent performance through use of the business system and are excited to support the team during the next stage of the company’s growth.”
“We are passionate about serving our customers and investing in our associates through the application of our business system and our deep culture of continuous improvement,” said St. Martin. “I am truly excited to join with Centerbridge in our next chapter to continue our outperformance and strong positive momentum.”
BofA Securities and Credit Suisse served as financial advisors to IPS on the transaction. Morgan, Lewis & Bockius LLP served as legal counsel to IPS and Cypress. Jefferies served as lead financial advisor to Centerbridge. Jefferies and Credit Suisse provided financing for the transaction. Latham & Watkins LLP served as legal counsel to Centerbridge.