IPS Corporation, a manufacturer of plumbing and roofing products, solvent cement, and adhesives for residential, commercial, and industrial use, has announced a definitive agreement for funds advised by Centerbridge Partners, L.P., a private investment firm, to acquire the Company from Cypress Performance Group, LLC.
Transaction to Close in 2021
IPS provides specialized, highly engineered industrial products including solvent cement, rough plumbing and roofing products, and structural and surface adhesives. The company's brands include Weld-On®, Christy's™, Water-Tite®, Studor®, Scigrip®, and others. The company sells its products through the wholesale and retail channels to a diverse base of customers across the globe with manufacturing operations in the U.S., the U.K., and China.
George Moore and Dan St. Martin will continue to serve as Executive Chairman and CEO of IPS, respectively. This transaction is expected to close in 2021 and is subject to customary closing conditions and approvals. The financial terms of the transaction were not disclosed.
Latham & Watkins LLP represents Centerbridge Partners in the transaction with a corporate team.
Source: LATHAM & WATKINS