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.