M&A Deal Summary

Sherman Capital Holdings Acquires IPS

On November 7, 2017, private equity firm Sherman Capital Holdings acquired chemicals company IPS from Nautic Partners for 700M USD

Acquisition Highlights
  • This is Sherman Capital Holdings’ 2nd transaction in the Chemicals sector.
  • This is Sherman Capital Holdings’ largest (disclosed) transaction.
  • This is Sherman Capital Holdings’ 2nd transaction in the United States.
  • This is Sherman Capital Holdings’ 1st transaction in California.
Investment Fate
  • IPS was sold to a consortium of financial buyers in 2021.

M&A Deal Summary

Date 2017-11-07
Target IPS
Sector Chemicals
Buyer(s) Sherman Capital Holdings
Sellers(s) Nautic Partners
Deal Type Secondary Buyout
Deal Value 700M USD

Target

IPS

Compton, California, United States
website
IPS is a manufacturer of a wide range of adhesive cement, structural adhesives, and niche plumbing products primarily for residential, commercial, industrial, and international markets. IPS' products are sold under a number of highly regarded brand names, including Weld-On, Watertite, Studor, Truebro, and Guy Gray. IPS was founded in 1954 and is based in Compton, California.

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Buyer(S) 1

DESCRIPTION

Sherman Capital Holdings LLC is the private investment arm of Cypress Group LLC. Sherman Capital looks for opportunities where it can assist with growth and operational efficiency. Specific situations of interest include manufacturing or industrial service businesses in industries with consolidation opportunities. Sherman Capital Holdings is based in Baltimore, Maryland.


DEAL STATS #
Overall 2 of 2
Sector (Chemicals) 2 of 2
Type (Secondary Buyout) 1 of 1
State (California) 1 of 1
Country (United States) 2 of 2
Year (2017) 1 of 1
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-08-04 Encapsys

Appleton, Wisconsin, United States

Encapsys discovers, develops and manufactures microencapsulation solutions for use in the building and construction, paper, bedding, and personal and household care industries. Encapsys is based in Appleton, Wisconsin.

Buy $208M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-08-11 IPS

Compton, California, United States

IPS is a manufacturer of a wide range of adhesive cement, structural adhesives, and niche plumbing products primarily for residential, commercial, industrial, and international markets. IPS' products are sold under a number of highly regarded brand names, including Weld-On, Watertite, Studor, Truebro, and Guy Gray. IPS was founded in 1954 and is based in Compton, California.

Sell -

Seller(S) 1

SELLER

Nautic Partners

Providence, Rhode Island, United States

Investor Investor Investor Investor Investor

website


Category Private Equity Firm
Founded 1986
PE ASSETS 4.2B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Nautic Partners is a private equity firm focused on middle-market company investments based in the US. Nautic looks to invest $50 to $250 million of equity in businesses with defensible market positions, with minimum cash flows of $10 million and EBITDA of $10 to $75 million. Nautic's industry focus is business services, manufacturing, healthcare, and communications. Prospective investment structures include buyouts, recapitalizations, consolidations, and growth financings. Nautic prefers majority investment positions. Nautic Partners was formed in 1986 and is based in Providence, Rhode Island.


DEAL STATS #
Overall 36 of 43
Sector (Chemicals) 1 of 1
Type (Secondary Buyout) 14 of 18
State (California) 4 of 4
Country (United States) 36 of 43
Year (2017) 1 of 2
Size (of disclosed) 3 of 14
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-01 Healthy Eyes Advantage

Boca Raton, Florida, United States

Healthy Eyes Advantage an alliance to provide purchasing services and management support to more than 10,000 independent U.S. eye care professionals. Healthy Eyes Advantage was founded in 2017 and is based in Boca Raton, Florida.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-11-15 LDI Integrated Pharmacy Services

Creve Coeur, Missouri, United States

Leehar Distributors LLC is a full-service pharmacy benefit manager (PBM). LDI offers URAC–accredited mail-order and specialty pharmacies, a national network of retail pharmacies, and comprehensive clinical programs. Leehar Distributors LLC was established in 1967 and is based in Creve Coeur, Missouri.

Sell $595M