Innovative Chemical Products, a portfolio company of Audax Private Equity, has acquired Master Coating Technologies (MCT), a manufacturer of specialty architectural coatings.
MCT’s family of five architectural coatings brands includes Scuffmaster Paint, Zolatone Interior Finishes, and MDC (all specialty paints); ClearErase (a clear dry erase coating); and Bellagard (sculpted wall panel systems). The company was founded in 1995 and is headquartered in Eagan, MN (www.mastercoating.com).
“Master Coating Technologies is among the top five manufacturers of specialty coatings. They have been on our radar for quite some time now. We’re thrilled to have their brilliant people – and technology – as a new resource to further cement our company’s reputation as an innovative leader,” said Doug Mattscheck, CEO of Innovative Chemical Products.
Innovative Chemical Products (ICP) was formed in January 2016 when Audax combined two of its specialty chemical portfolio companies, California Products (acquired from Delos Capital in October 2015) and Nicoat (acquired in March 2015 from Caltius Equity Partners). Today, ICP is a specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings, adhesives, sealants and elastomers (CASE). ICP operates through three divisions: construction, adhesives & sealants, and industrial. The company sells its products to multiple end markets including OEM, industrial, building materials, packaging, printing, specialty construction, and sports surfaces. ICP has warehousing and manufacturing facilities near Chicago in Itasca, IL; a manufacturing facility southwest of Akron in Norton, OH; and is headquartered near Boston in Andover, MA (www.icpgroup.com).
The operations of Master Coating Technologies will be housed within the construction division of ICP which includes market-leading brands California Paints, FixALL, Storm System, Fiberlock, Dry-Treat, California Sports Surfaces, and Rock-Tred (www.icp-construction.com). The construction division is led by President Zain Mahmood.
Audax Group makes control investments of $10 million to $100 million in middle market companies with transaction values of $25 million to $500 million. Sectors of interest include industrial manufacturing; energy; outsourced industrial services; consumer products; healthcare devices and services; non-asset based logistics; technology; aerospace & defense; business services; and direct marketing. The firm was founded in 1999 and has offices in Boston, New York and Menlo Park (www.audaxgroup.com).
© 2017 Private Equity Professional | November 8, 2017
