Tag Archives: ICP Group

Andover, Mass. – August 10, 2018 – Innovative Chemical Products (the ICP Group), today announces the formation of their Building Solutions Group. This group is comprised of industry-leading brands formerly represented by the ICP Construction and ICP Adhesives & Sealants businesses. The change unifies the resources of the two businesses, both of which are dedicated to delivering high performance professional products and services for building and construction applications.

“This is an exciting and historic day for the ICP Group. Our new Buildings Solutions Group not only streamlines our processes internally but expands the selection of ICP products and services available to our partners. Considering the rapid pace at which ICP is growing, this is an important step to help take our company to the next level,” said Doug Mattscheck, CEO of ICP Group and Building Solutions Group President.

In just three years ICP has become a respected leader in the specialty chemicals industry and the 10th largest coatings company in North America.

The new Building Solutions Group will feature three strategic units: Building Envelope Unit, Flooring and Cementitious Unit, and Sport Surfaces Unit. Doug Mattscheck will serve as President of the Building Solutions Group while maintaining his current position as CEO of ICP Group. The ICP Industrial Group is unaffected by the Building Solutions Group formation, and will continue to serve the packaging, commercial printing, labels, and coatings markets.

“The transition will be seamless for our current partners. What we’ve created through the restructuring process is a more convenient way for them to meet their needs. Our partners can now easily access a more robust selection of products and enhancements that can help grow their business,” said Mattscheck.

Through streamlined education, training and partnership program development, ICP will help their channel partners identify and grow products and services available in their markets.

“This marks the beginning of a new chapter for the ICP Group. We have always been dedicated to helping our partners succeed. With these changes in place, we’ll only continue to do so more effectively,” said Mattscheck.

Innovative Chemical Products (the ICP Group) is a portfolio company of Audax Private Equity.

About ICP Group

Innovative Chemical Products (the ICP Group) is a leading specialty chemical manufacturer in North America and provides coatings, adhesives, and sealants globally. With operations headquartered in Andover, Mass., and multiple manufacturing facilities around the world, ICP serves multiple end markets, including: building materials, specialty construction, industrial, packaging, printing, and sports surfaces. ICP Group is privately held and manufactures products under several recognized specialty groups. For more information, visit www.icpgroup.com.

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Media Contact:
Phillip McMillan, CompleteSpectrum
813-907-2150
media@icpgroup.com

Boston, MA (January 19, 2016) – Audax Private Equity (Audax) today announces the formation of Innovative Chemical Products Group (ICP Group), headquartered in Andover, MA.  The Company is being formed through the combination of the Audax investments in California Products Corporation and Nicoat. Audax also announces the appointment of Doug Mattscheck as President and Chief Executive Officer of ICP Group, effective as of October 2015.

ICP Group is established as a platform in the specialty coatings and adhesives markets.  The company is currently comprised of construction and industrial divisions that represent leading brands and product technologies in their respective markets.

Mr. Mattscheck has extensive experience and a proven track record of growing companies organically and through acquisitions.  He also brings a proven track record of improving operations in specialty coatings and building materials industries to ICP Group.

Mr. Mattscheck most recently served as the Chief Executive Officer of Quest Specialty Chemicals, a leading specialty chemicals manufacturer and former Audax investment.  Prior to Quest, Mr. Mattscheck was President and Chief Executive Officer of AGY, one of the world’s leading manufacturers of specialty glass fibers and yarns. Prior to AGY, Mr. Mattscheck was President of the Technical Fabrics Division of Saint-Gobain and held executive positions with H.B. Fuller, Schlegel Corporation, and DuPont.

Don Bramley, Managing Director of Audax Group, states that, “Doug’s experience and successful track record working with private equity-backed companies make him an excellent leader of ICP.  We are thrilled that Doug has joined us as we continue to execute our growth strategy.”

Doug Mattscheck, President and Chief Executive Officer of ICP Group, continues, “I am excited to join the ICP team. ICP Group represents a specialty chemical products platform, with leading brands, scalable operations, and talented leadership and employees. We look forward to building upon this success going forward through both organic growth and add-on acquisitions across the fast-growing coatings, adhesives, sealants, and elastomer (CASE) market verticals.”

ICP Group builds upon Audax’ experience within the coatings, adhesives, and broader specialty chemicals industry, including its investments in ColorMatrix, KODA Distribution Group, Quest Specialty Chemicals, and Gabriel Performance Products.

ABOUT ICP GROUP

Innovative Chemical Products (ICP) is a leading specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings and adhesives. With operations headquartered in Andover, MA, and additional manufacturing and warehousing in Itasca, IL, ICP serves the architectural, specialty construction, packaging, printing and sport surfaces end markets.  ICP is privately held and manufactures products under several specialty brands, including California Paints, Fiberlock, Storm System, Nicoat, Decoturf, Plexipave, and Rebound Ace.  For more information, visit the ICP Group website www.icpgroup.com.

ABOUT AUDAX PRIVATE EQUITY

Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested over $3 billion in 94 platform and 445 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $9 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website www.audaxgroup.com.

Audax Private Equity Announces the Formation of a Specialty Coatings Platform Through Its Acquisition of California Products Corporation

BOSTON, MA, October 26, 2015 – Audax Private Equity has established the foundation of a platform in the specialty coatings and adhesives markets through the acquisition of California Products Corporation (“CPC”), together with its existing investment in Nicoat, a formulator of specialty packaging and printing coatings, in which Audax invested in March 2015. CPC expands the platform into the architectural, sports surfaces, and specialty construction coatings segments. Audax plans to rapidly grow the platform through acquisitions in both new and existing end markets, products lines, and technologies as well as maintaining a strong organic focus.

California Products, founded in 1926 and based in Andover, MA, is a leading provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and mold and abatement remediation coatings. CPC and Nicoat will continue to operate as standalone business units of the combined platform, leveraging benefits through raw material purchasing, technological collaboration, and shared services. Audax acquired CPC from Delos Capital. Delos will continue as a shareholder in the combined platform.

The establishment of the new platform builds upon Audax’ experience within the coatings and broader specialty chemicals industry, including its investments in ColorMatrix, KODA Distribution Group, Quest Specialty Chemicals, and Gabriel Performance Products.

Steven McMenamin, President of CPC, said “Our entire organization is excited to partner with Audax and Nicoat in our vision to create a specialty formulated products platform, leveraging Audax’ experience in building companies through acquisition, including within the specialty chemicals sector, with our leading brands, scalable operations, and talented leadership and employees.”

Chuck Turnbull, CEO of Nicoat, said “We are excited to have CPC join us in the vision of creating a specialty platform. Our team is eager to work with Steven and the rest of the CPC team, and we look forward to the opportunities ahead to continue expanding into additional products and end markets.”

Don Bramley, Managing Director of Audax Group, said “We are thrilled to partner with Steven and his team, who have built CPC into a market leading platform in its core end markets through organic growth and several acquisitions. We look forward to working together with him as well as Pete Longo, who served as CPC’s CEO and has now joined the board of the combined platform, to accelerate growth organically and through acquisition and build upon the successes they have achieved.”

Grace Matthews advised California Products Corporation. Goodwin Proctor, LLP served as counsel to CPC. Kirkland & Ellis LLP served as counsel to Nicoat and Audax.

ABOUT AUDAX GROUP

Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses. For more information visit the Audax Group website www.audaxgroup.com.

Contact:
Audax Group
Don Bramley, 617-859-1535
Managing Director