IPS Corporation announced the closing of its acquisition by Centerbridge Partners, a private investment firm, from Cypress Performance Group. George Moore and Dan St. Martin will continue to serve as executive chairman and CEO of IPS, respectively.
IPS provides a comprehensive offering of specialized, highly engineered industrial products including structural and surface adhesives, solvent cements, and plumbing and roofing products.
The company’s well-recognized brands include Weld-On, Water-Tite, Studor, Scigrip, and others, sellingproducts through the wholesale and retail channels to a diverse base of customers across the globe.
It has manufacturing operations in the U.S., the UK, and China.
IPS had been owned since 2017 by Cypress, a diversified industrial holding company established by former Danaher Corporation CEO George Sherman.
IPS has deployed a version of the Danaher Business System, a holistic operating model through which strategy, operations, and financial performance are managed. Several significant shareholders of Cypress including the Sherman family and Shumway Capital will continue as shareholders in IPS alongside Centerbridge.
Financial terms of the transaction were not disclosed.