Audax Acquires Leeson Polyurethanes
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Audax Acquires Leeson Polyurethanes

Innovative Chemical Products, a portfolio company of Audax, has acquired Leeson Polyurethanes, a UK-based manufacturer of polyurethane adhesives and coatings.

Leeson’s products are used in the building and construction, sports surfaces, insulation, recreation, and waterproofing sectors. The company – located 28 miles southeast of Birmingham in Warwick, UK – has more than 30 employees and was founded by the Leeson family in 1986. The business is led by Managing Director Joel Leeson.

ICP Group is active in the formulation, manufacturing, and marketing of coatings, adhesives, sealants and elastomers. The company, headquartered near Boston in Andover, Massachusetts, serves the building materials, specialty construction, industrial, packaging, printing, and sports surfaces end markets.

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).

Leeson Polyurethanes will be added to ICP’s building solutions group and will allow the company to extend its reach throughout the European market.

“We are pleased to welcome Leeson to the ICP BSG family of professional solutions. The acquisition will enable us to strengthen and broaden our extensive suite of professional solutions for our customers everywhere,” said Doug Mattscheck, the CEO of ICP. “Leeson is a recognized leader in the UK and beyond, with a variety of innovative, high-quality solutions for professionals, making them a natural fit for ICP’s building solutions group.”

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 and San Francisco.

© 2020 Private Equity Professional | October 29, 2020

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