Audax-backed ICP Group acquires Choice Adhesives

ICP Group, which is backed by Audax Private Equity, has acquired Cincinnati-based Choice Adhesives, a maker of contact adhesives.

ICP Group, which is backed by Audax Private Equity, has acquired Cincinnati-based Choice Adhesives, a maker of contact adhesives. No financial terms were disclosed.

PRESS RELEASE

Audax Private Equity portfolio company, ICP Group, acquires Choice Adhesives

The Company
Choice Adhesives is a manufacturer of contact adhesives serving the roofing, high-pressure laminate, and other end-markets selling through distribution and OEM channels. Based in Cincinnati, OH, with manufacturing facilities in Lynchburg, VA and the Dominican Republic, Choice Adhesives is recognized as an innovator in the adhesives industry for their pressurized spray-applied technology.

The Deal
Innovative Chemical Products Group, LLC (“ICP Group”), a portfolio company of Audax Private Equity (“Audax”), has completed the acquisition of Choice Adhesives, representing the company’s 17th acquisition since Audax’ initial investment. The acquisition builds upon ICP Group’s extensive line of roof coatings and adhesives with the addition of spray-applied contact adhesives for roofing membrane application. Together, Choice Adhesives and ICP Group offer a comprehensive portfolio of roof coating and adhesive technologies.

The Thesis
In October 2015, Audax combined California Products and Nicoat to form ICP Group, a leading specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings, adhesives, and sealants serving the building envelope, horizontal surfaces and specialty packaging & print end markets. Since the formation of the platform, ICP Group has completed 17 acquisitions.

ICP continues to pursue acquisitions for both its Building Solutions Group and Industrial Solutions Group, leveraging its resilient, stable growth profile.