Nautic Partners, LLC (“Nautic”) announced that it has partnered with management to acquire IPS Corporation (“IPS” or the “Company”). IPS is a global provider of solvent cements, specialty plumbing products and specialty adhesives. Terms of the transaction were not disclosed.
Founded in 1954 and headquartered in Compton, CA, IPS has a robust product line-up that enjoys strong end user loyalty. Its WELD-ON® solvent cements bind PVC, CPVC and ABS piping systems and were developed by IPS 60 years ago. WELD-ON has market-leading positions in all of its served markets, including irrigation, industrial, electrical, pool & spa and plumbing. In addition, in its plumbing products division, IPS’ core brands of WATER-TITE®, TEST-TITE®, GUY GRAY™, TRUEBRO®, and STUDOR® have leading market positions and enjoy high brand loyalty with plumbers. IPS’ highly engineered and market-leading methylmethacrylate (MMA) based specialty adhesives, marketed under the SCIGRIP® brand, are used to bind countertop material, boat/marine components, outdoor signs and in-store trade displays.
“IPS’s manufacturing excellence and commitment to customer service underpin the Company’s remarkable brand strength in its served markets. Contractors, plumbers and other trade professionals rely on IPS’ high-quality, reliable products,” said Doug Hill, Managing Director of Nautic. “IPS has a deep, first-class management team and we feel fortunate to be partnering with them.”
“IPS is poised to benefit from recovering U.S. and international construction activity, in both the residential and non-residential sectors,” said Chris Pierce, Managing Director of Nautic. “Beyond this market tailwind, we are encouraged by the robust pipeline of new products being developed by IPS’ R&D teams, stemming from a drive for innovation that has been cultivated at the Company for decades.”
“In Nautic we have found the right partner for this next phase of growth at IPS,” said Tracy Bilbrough, CEO, IPS. “This firm shares our team’s vision for the Company’s continued evolution as a global leader. We are optimistic about IPS’ opportunities for expansion, both domestically and internationally and we look forward to working with Nautic.”
GE Capital and LStar Capital provided financing for the transaction. Robert W. Baird & Co. acted as financial advisor to the Company.