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Innovative Chemical Products Group Announces Acquisition of Fomo Products by Adhesives Division

Innovative Chemical Products Group Announces Acquisition of Fomo Products by Adhesives Division

ANDOVER, Mass.—April 11, 2016— Innovative Chemical Products (ICP) Group today announced the completion of the acquisition of Fomo Products, Inc., a leading manufacturer of low pressure one- and two-component polyurethane foam sealant and adhesives products. Fomo Products will be integrated into ICP Adhesives & Sealants, Inc. (ICP Adhesives), a division of the ICP Group.

ICP Adhesives is focused on growth, with its prior carve-out acquisition of the Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam Products, Inc.), and now the successful completion of the acquisition of Fomo Products.

Headquartered in Norton, Ohio, Fomo Products was founded in 1975 and is a manufacturer of low pressure one- and two-component polyurethane foam sealants, adhesives, pour-in-place and spray foam in pressurized, disposable, and refillable packaging. Additional markets include mine ventilation air sealant applications.

“We are enthusiastic to join the ICP Adhesives team,” said Stefan Gantenbein, President and COO of Fomo Products. “The opportunity for continued growth and our complementary cultures make this an ideal fit. Through sharing best practices, scalable operational capacity, advanced technologies and talented leadership and employees, we can leverage both companies’ capabilities to deliver great value to our customers.” Mr. Gantenbein has been named division president of ICP Adhesives.

As part of the larger platform company, ICP Group, the ICP Adhesives division provides opportunity for continued growth, and added strength through raw material purchasing synergies, technological collaboration, and shared service. With the addition of Fomo’s extensive product offerings, patented technologies and talented employee base, ICP Adhesives further expands its leadership position in the polyurethane adhesives and sealants market.

“We are excited to welcome Fomo Products to the ICP Adhesives family,” said Doug Mattscheck, CEO of ICP Group. “These combined products and technologies propel us into a new chapter for the business. Additionally, these acquisitions will strengthen our ability to support our customers through innovation, as we continue to lead the specialty coatings and adhesives markets.”

Innovative Chemical Products (ICP) Group is a portfolio company of Audax Private Equity. The Fomo transaction represents ICP’s fourth acquisition.

About ICP Adhesives, a division of the ICP Group
ICP Adhesives & Sealants, Inc. (ICP Adhesives) is a division of ICP Group. ICP Adhesives is a leading manufacturer of low pressure one- and two-component polyurethane foam sealant and adhesives products in pressurized, disposable, and refillable packaging. Products include CR-20, SFI-175, Polyset AH-160 and Polyset RTA-1, Handi-Foam®, Handi-Flow®, Handi-Stick®, and Silent-Seal®. For more information on ICP Adhesives, visit www.icpadhesives.com.

About ICP Group
Innovative Chemical Products (ICP) Group 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, Tomball, TX, and Coral Springs, FL, 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 Polyset, California Paints, Fiberlock, Storm System, Nicoat, Decoturf, Plexipave, and Rebound Ace. For more information on the Construction, Adhesives and Industrial divisions of ICP Group, visit www.icpgroup.com.

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Media Contact:
Phillip McMillan, Complete Spectrum
813-907-2150
clientmedia@completespec.com

Investor Contact:
Doug Mattscheck, ICP Group
978-623-9980 ext 288
dmattscheck@icpgroup.com

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Audax Private Equity Announces the Formation of ICP Group and the Appointment of Doug Mattscheck as President and Chief Executive Officer

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.

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Audax Group Acquires California Products Corporation

Milwaukee, WI (October 27, 2015) – Grace Matthews, Inc. and California Products Corporation (“CPC”) today announced that CPC has been acquired by Audax Private Equity (“Audax”).

Audax acquired CPC from Delos Capital (“Delos”).  Grace Matthews advised CPC and Delos on this transaction.  Financial terms were not disclosed.

Based in Andover, MA, CPC is a leading provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and specialty abatement products.  Delos acquired CPC in 2013 and began executing a robust growth strategy, which included several acquisitions that expanded the geographic footprint of the business and added complementary products to CPC’s portfolio.

Audax’ acquisition of CPC follows its March 2015 investment in Nicoat, a formulator of specialty packaging and printing coatings.  CPC and Nicoat represent the formation of a new platform in the specialty coatings and adhesives markets that Audax plans to grow organically and through acquisition.  Delos will continue as a shareholder in the combined platform.

“Delos Capital was fortunate to have backed the right company and management team in our fund’s first investment,” said Matt Constantino, Founder of Delos Capital. “Our investment in California Products yielded a great return for our institutional shareholders, and we are excited about our rolled equity going forward.”

Steven McMenamin, President of CPC, said, “Delos’ support over the last several years was essential in CPC’s expansion into a variety of complementary products, brands, and geographies.  We are excited to partner with Audax and Nicoat to build upon this momentum and create a world-class specialty formulated products platform.  We look forward to opportunities for continued growth in both new and existing products and end markets.”

Andy Hinz, Director at Grace Matthews, said, “The partnership presents an exciting opportunity for everybody involved.  Audax has a strong track record investing within the coatings and broader specialty chemicals industry, and has the experience and resources to continue growing the combined platform.  We are excited for the opportunities that await Steven and the entire team at CPC.”

Goodwin Proctor, LLP served as counsel to CPC.  Kirkland & Ellis LLP served as counsel to Nicoat and Audax.

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