M&A Deal Summary

ICP Acquires California Products

On January 19, 2016, ICP acquired chemicals company California Products from Audax Private Equity, Triangle Capital and Maranon Capital

Acquisition Highlights
  • This is ICP’s 2nd transaction in the Chemicals sector.
  • This is ICP’s 2nd transaction in the United States.
  • This is ICP’s 1st transaction in Massachusetts.

M&A Deal Summary
Date 2016-01-19
Target California Products
Sector Chemicals
Buyer(s) ICP
Sellers(s) Audax Private Equity
Triangle Capital
Maranon Capital
Deal Type Merger

Target

California Products

Andover, Massachusetts, United States
California Products Corp. is a provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and specialty abatement products.

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Buyer(S) 1

Buyer

ICP

Andover, Massachusetts, United States
Category Company
Founded 2016
Sector Chemicals
DESCRIPTION

ICP is a specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings and adhesives. ICP was founded in 2016 and is based in Andover, Massachusetts.

DEAL STATS #
Overall 2 of 14
Sector (Chemicals) 2 of 8
Type (Merger) 2 of 2
State (Massachusetts) 1 of 2
Country (United States) 2 of 11
Year (2016) 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-19 Nicoat

Bensenville, Illinois, United States

Nicoat is a leading developer and manufacturer of customized overprint coatings for graphic arts, flexible packaging, and other specialty coating applications. Nicoat was founded in 1982 and is based in Bensenville, Illinois.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-20 3m - Pressurized Polyurethane Foam Adhesives Business

St. Paul, Minnesota, United States

3M’s Pressurized Polyurethane Foam Adhesives business is a provider of pressurized polyurethane foam adhesive formulations and systems into the residential roofing, commercial roofing and insulation and industrial foam segments in the United States.

Buy -

Seller(S) 3

SELLER

Audax Private Equity

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1999
PE ASSETS 19.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Private Equity is a private equity firm focused on acquiring control positions in a variety of mid to large North American headquartered companies. The Firm segments its activities into lower middle-market and larger scale investing. Within its larger group, Audax targets profitable businesses valued up to $800 million and within its lower middle-market group, the Firm seeks companies valued up to $125 million. Sectors of interest include business services, consumer products/services, financial services, healthcare services, industrial services, software, and technology. Audax has a special interest in businesses that can benefit from a buy and build investment strategy for growth. Audax Private Equity was formed in 1999 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 45 of 102
Sector (Chemicals) 3 of 5
Type (Merger) 3 of 5
State (Massachusetts) 7 of 8
Country (United States) 43 of 97
Year (2016) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-19 Nicoat

Bensenville, Illinois, United States

Nicoat is a leading developer and manufacturer of customized overprint coatings for graphic arts, flexible packaging, and other specialty coating applications. Nicoat was founded in 1982 and is based in Bensenville, Illinois.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-01 Preferred Compounding

Copley, Ohio, United States

Preferred Compounding Corp. is a manufacturer and supplier of proprietary and custom mixed rubber compounds with manufacturing plants in Tallapoosa, Ga.; Huntingdon, Tenn.; Fruithurst, Ala. Preferred Compounding Corp. was founded in 1973 and is based in Copley, Ohio.

Buy -
SELLER

Triangle Capital

Raleigh, North Carolina, United States
Category Private Equity Firm
Founded 2007
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

DEAL STATS #
Overall 29 of 71
Sector (Chemicals) 3 of 4
Type (Merger) 1 of 2
State (Massachusetts) 2 of 3
Country (United States) 29 of 70
Year (2016) 2 of 15
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-07 AssetPoint

Greenville, South Carolina, United States

AssetPoint LLC is a provider of CMMS / EAM solutions helping customers control their operations, reduce maintenance costs, optimize spare parts inventory, streamline procurement and provide greater visibility for improved management, command and control over their assets. Designed by maintenance professionals for maintenance professionals, the TabWare platform is easy to learn, easy to use and has helped tens of thousands of users manage their critical assets. AssetPoint’s customers include leading Food & Beverage, Oil & Gas, Chemical, Mining & Metals, Industrial Manufacturing and a variety of other companies throughout the world.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-02-02 Danville Materials

San Ramon, California, United States

Danville Materials, Inc. designs, formulates and manufactures a range of intra-oral air abrasion and micro-etching equipment as well as consumable dental materials used by dentists globally.

Sell -
SELLER

Maranon Capital

Chicago, Illinois, United States

Investor Investor Investor Investor Investor

Category Mezzanine Finance Firm
Founded 2007
PE ASSETS 4.0B USD
Size Large
Type Sector Agnostic
DESCRIPTION

Maranon Capital LP is an investment firm that provides senior financing, mezzanine debt and equity co-investments for private equity backed and non sponsored middle market companies. Maranon seeks investments in financially healthy businesses with stable cash flows, diverse customers, and strong management. Prospective companies are valued between $30 and $150 million and generate $5 to $30 million of EBITDA. Maranon looks to invest $2 to $10 million for equity co-investments, $5 to $30 million for junior capital needs, and $10 to $50 million for senior debt requirements. Areas of interest include business services, healthcare services, distribution, manufacturing and consumer products/services. Funds typically support acquisitions, recapitalizations, refinancings, consolidations, ESOPs and growth capital needs. Maranon Capital LP was formed in 2007 and is based in Chicago. The Firm has additional offices in Birmingham, Michigan and South Bend, Indiana.

DEAL STATS #
Overall 6 of 21
Sector (Chemicals) 1 of 2
Type (Merger) 1 of 1
State (Massachusetts) 2 of 2
Country (United States) 6 of 21
Year (2016) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-01-19 ICP

Andover, Massachusetts, United States

ICP is a specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings and adhesives. ICP was founded in 2016 and is based in Andover, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-03-15 Neptune Benson

Coventry, Rhode Island, United States

Neptune Benson, Inc. is a manufacturer of high quality water filtration and disinfection products for the recreational, industrial and municipal water markets.

Sell -
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