Innovative Chemical Products (ICP), a portfolio company of Audax Private Equity, has acquired IdeaPaint, a maker of dry erase coating products.
IdeaPaint’s dry erase paints and wallcoverings are used to transform smooth surfaces into erasable canvases for dry erase markers. The company also sells related products including magnetic coatings, markers, and cleaning supplies.
Over its history, IdeaPaint has been used in more than 200,000 installations in offices, schools and homes and is distributed in more than 45 countries. The company was founded in 2008 by John Goscha and is headquartered in Boston (www.ideapaint.com).
“We are pleased to announce the acquisition of IdeaPaint by ICP, as the business has a strong track record of success in the market and allows us to provide an even greater variety of trusted, proven products to our customers and distribution partners,” said Doug Mattscheck, CEO of ICP. “IdeaPaint created the high-performance dry erase paint category out of a need for new ways to collaborate, brainstorm and share ideas. They turned a simple concept into a globally recognized brand.”
ICP 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. The company 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). ICP is headquartered near Boston in Andover, MA (www.icpgroup.com).
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 (www.audaxgroup.com).
© 2019 Private Equity Professional | September 17, 2019
