Audax-backed ICP Group buys IdeaPaint


Innovative Chemical Products, a portfolio company of Audax Private Equity, has acquired Massachusetts-based IdeaPaint, a provider of dry erase paints and wallcoverings. No financial terms were disclosed.

PRESS RELEASE

ANDOVER, Mass.–(BUSINESS WIRE)–Innovative Chemical Products (ICP Group) today announces the acquisition of IdeaPaint, creators and world-recognized leaders of the high-performance dry erase paint category.

“We are pleased to announce the acquisition of IdeaPaint by the ICP Group family of companies, 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, ICP Group. “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. That level of innovation and drive fits perfectly alongside ICP Building Solutions Group’s (BSG’s) growing family of specialty architectural coatings.”

Introduced in 2008, IdeaPaint is the world’s first performance dry erase coating. IdeaPaint rolls on as easily as a traditional interior paint but will transform virtually any smooth surface into an erasable canvas for dry erase markers. Since 2008, IdeaPaint has established partnerships with the leading architecture and design firms around the world, expanded distribution to over 45 countries, completed over 200,000 installations, and is proud to call many of the world’s largest and most innovative companies their longstanding customers. The company also produces related products, such as wallcoverings, magnetic coatings, markers and cleaning supplies.

Now an internationally recognized brand celebrated by the likes of The Wall Street Journal, Mashable, Fast Company and CNBC, IdeaPaint is an important addition to ICP BSG’s portfolio of innovative products for the architecture and design community.

IdeaPaint will be positioned with ICP BSG’s diversified offering of high-performance specialty coatings, enabling ICP BSG to offer a more robust package of coating solutions to the architecture and design community. “IdeaPaint is well-aligned with our existing Specialty Coatings business unit and allows us to further grow our portfolio of innovative solutions,” Mattscheck added.

IdeaPaint exists to enable everyone to reach their creative and productive potential. For over a decade, the brand has been expanding its innovative product line that gives people the space they need to conveniently engage with their ideas. This acquisition ensures that IdeaPaint’s offerings will keep evolving as the brand continues to bring great products to market for many years to come.

About ICP Building Solutions Group
ICP Building Solutions Group (BSG) is a foremost supplier of professional products and solutions for building envelope, cementitious and sports surface needs. Comprising dozens of industry-leading brands across numerous industries and applications, ICP Building Solutions Group offers comprehensive portfolios to building professionals all over the globe, all backed by its exclusive MasterWorks training and education program. For more information, visit www.icpgroup.com.

About ICP Group
Innovative Chemical Products (ICP Group) is a leading specialty chemical manufacturer in North America and provides coatings, adhesives and sealants globally. With operations headquartered in Andover, Massachusetts, and multiple manufacturing facilities around the world, ICP Group serves multiple end markets, including building materials, specialty construction, industrial, packaging, printing and sports surfaces. ICP Group is privately held and manufactures products under several recognized specialty groups. For more information, visit www.icpgroup.com.
ICP Group is a portfolio company of Audax Private Equity.

About IdeaPaint
IdeaPaint exists to inspire and encourage everyone, every day to reach their creative and productive potential. The company was founded by John Goscha in 2002 at Babson College in Wellesley, Massachusetts. The brand’s industry-leading dry erase paints and wallcoverings transform virtually any smooth surface into an erasable canvas. IdeaPaint is the most trusted brand in dry erase with over 200,000 successful installations in offices, schools and homes around the world. For more information, visit www.ideapaint.com.