Providence, Rhode Island-based private equity firm Nautic Partners LLC has acquired IPS Corp. for an undisclosed amount.

IPS, headquartered in Compton, California, provides cements, specialty plumbing products and adhesives. The company's main brands are Weld-On, Water-Tite, Test-Tite, Guy Gray TrueBro and Studor. IPS' management team also invested in the deal.

Nautic says it expects IPS to benefit from the real estate recovery, and that the company will work to develop new products. The firm has more than $2.5 billion in assets under management, and generally makes equity investments between $25 million and $75 million.

The firm's recent acquisitions include All Metro Health Care Services Inc., a home-care company that Nautic bought in September, and Custom Window Systems Inc., which the firm picked up in August. 

GE Capital and LStar Capital provided financing for the deal. Robert W. Baird & Co. acted as IPS' financial adviser.

Slow gains in the real estate recovery have spurred several companies to make building products and related acquisitions. Other deals have come from Lone Star Funds, which bought HeidelbergCement AG's brick and roof-tile business for $1.4 billion in December, and Builders FirstSource Inc.'s (Nasdaq: BLDR) December deal for Empire Truss Ltd

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