Innovative Chemical Products (ICP Group), a portfolio company of Audax Private Equity, has acquired Benefect, a maker of botanical-based disinfectant and cleaning supplies.
Benefect’s products are used by insurance restoration contractors to clean up water damage, fire damage, mold remediation and trauma scenes. The active ingredient in Benefect’s products is a highly specialized Thyme Oil that has been grown and blended to the company’s specifications. Benefect was founded in 2006 and is headquartered in Ontario, CA (www.benefect.com).
“Benefect was developed as a result of not being able to find sensible disinfection products for my son who was born with only 10 percent of his immune system functioning,” said S. Samuel De Ath, founder and CEO of Benefect. “Today, Benefect products use nature’s way of cleaning and killing germs with no compromise in strength and without endangering human health. This acquisition solidifies the need for sustainable products and provides our customers with additional technologies and resources.”
ICP Group is active in the formulation, manufacturing, and marketing of coatings, adhesives, sealants and elastomers. The company serves the building materials, specialty construction, industrial, packaging, printing, and sports surfaces end markets. ICP Group is headquartered near Boston in Andover, MA (www.icpgroup.com).
ICP Group will add Benefect to its Building Solutions Group (BSG). “The acquisition of Benefect provides new opportunities to strengthen our total offering to our customers and channel partners,” said Doug Mattscheck, CEO of ICP Group. “Benefect is a leader in the botanical space, offering a sustainable option for disinfecting and cleaning. We’re happy to add Benefect to the growing ICP BSG family.”
ICP Group 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).
Audax invests in middle market companies that have from $8 million to $50 million in EBITDA and enterprise values of $50 million to $400 million. Sectors of interest include business and consumer services; energy; healthcare; technology, media and telecom; and industrials including chemicals, infrastructure and building materials. Audax has offices in Boston, New York and San Francisco (www.audaxgroup.com).
© 2019 Private Equity Professional | March 14, 2019
