Innovative Chemical Products (ICP), a portfolio company of Audax Private Equity, has acquired Fomo Products, a maker of sealants and adhesives. Fomo Products was sold by FLM Holdings, a subsidiary of Hago Chemotechnik, a Munich-based specialty chemical company.
Fomo Products is a manufacturer low pressure spray and pour-in-place polyurethane foams, low pressure sealants and adhesives, and low pressure polyurethane foam accessory products such as heating systems, air seal and weatherization accessories, temperature warning nozzles, dispensing units, and spray solvents. Fomo’s products are sold through independent distributors and are used in the residential, commercial and industrial, original equipment manufacturing, and other specialty markets. Company brand names include Handi-Foam, Handi-Flow, Handi-Stick, and Silent Seal. The company was founded in 1975 and is based southwest of Akron in Norton, OH (www.fomo.com).
Fomo Products, led by Stefan Gantenbein, President and COO, will be integrated into ICP’s adhesives and sealants division. Mr. Gantenbein has been named to lead the division as its president.
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). Including the original buys of California Products and Nicoat, the buy of Fomo is the fourth add-on acquisition completed by ICP. In late January 2016, ICP agreed to acquire the assets of 3M’s pressurized polyurethane foam adhesives business (Polyfoam), which is part of 3M’s industrial adhesives and tapes division.
Today, ICP is active in the formulation, manufacturing, and marketing of coatings and adhesives. The company serves the architectural, specialty construction, packaging, printing and sport surfaces end markets. Brand names include California Paints, Fiberlock, Storm System, Nicoat, Decoturf, Plexipave, and Rebound Ace Z. ICP has warehousing and manufacturing facilities near Chicago in Itasca, IL and is headquartered near Boston in Andover, MA (www.icpgroup.com).
“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.”
The 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).
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 4-13-16
