The transaction is expected to be finalized in 2019, at which point Hi-Tech Coatings and its products will become part of ICP Industrial Solutions Group (ISG).
ANDOVER, Mass. – Nov. 20, 2019 – Innovative Chemical Products Group (ICP Group) today announces that it has entered into a purchase agreement to acquire Hi-Tech Coatings, a worldwide leading developer and manufacturer of high-performance coatings for the packaging and commercial printing industries, from Heidelberger Druckmaschinen AG (Heidelberg).
ICP Group expects the transaction to be finalized by the end of 2019, at which point Hi-Tech Coatings will become part of ICP Industrial Solutions Group (ISG).
“When the sale is finalized, ICP ISG will have additional services, resources and solutions to offer not only its own customers, but those of Hi-Tech Coatings as well,” said Doug Mattscheck, CEO, ICP Group. “The acquisition will also allow us to expand our product offerings within the high-performance water-based and ultraviolet-curable coatings and expand our international customer base in Europe, the Middle East and Asia-Pacific regions.”
Hi-Tech Coatings has provided professionals with high-quality coatings for nearly 30 years. Once acquired, Hi-Tech Coatings will also expand ICP Group’s manufacturing footprint by adding new production facilities in the United Kingdom, the Netherlands and an additional facility in the United States (Michigan).
The Hi-Tech Coatings acquisition also will expand ICP ISG’s exposure to high-growth global-packaging end markets.
About ICP Industrial Solutions Group
ICP Industrial Solutions Group (ISG) combines two market-leading technology companies to form a high-performance portfolio of aqueous, UV/LED/EB, silicone, specialty coating and adhesive technologies. The strength of our technology group leads the way with innovative, customized products, superior customer service, and outstanding quality. For more information, visit www.icpindustrial.com.
About ICP Group
Innovative Chemical Products (ICP Group) is a leading specialty chemical manufacturer in North America and provides coatings, adhesives and sealants globally. With operations headquartered in Andover, Massachusetts, and multiple manufacturing facilities around the world, ICP Group 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.
ICP Group is a portfolio company of Audax Private Equity.
About Hi-Tech Coatings
Hi-Tech Coatings—a worldwide leading developer and manufacturer of high-performance coatings for the packaging and commercial printing industries—has provided professionals with high-quality coatings for nearly 30 years. For more information, visit hitechcoatings.net.