Calera Capital Announces Sale of IPS® Corporation to Nautic Partners

BOSTON & SAN FRANCISCO--()--Calera Capital, a leading middle-market private equity firm, announced today that Nautic Partners has acquired IPS® Corporation (“IPS”), a leading provider of adhesives, solvent cements, and labor-saving specialty plumbing items.

Calera Capital originally acquired its interest in IPS through a leveraged recapitalization of the company in July 2006. Under the leadership of Calera Capital and the management team of IPS, the company pursued a series of initiatives to drive the growth and profitability of the business.

Mark Williamson, a managing partner of Calera Capital, said, “Today’s sale is representative of Calera’s investment approach – acquire businesses with attractive fundamentals and then work in partnership with management to strengthen the strategic and financial position of those businesses. At IPS, we worked with management to enter new channels and product markets, shorten and improve its product development process, expand internationally, strengthen and consolidate its manufacturing and distribution operations, and consummate several highly accretive add-on acquisitions.”

“We have very much enjoyed the opportunity to partner in this investment with Tracy Bilbrough, the CEO of IPS Corporation, and his entire management team,” added Ethan Thurow, managing director at Calera Capital. “Notwithstanding some construction market headwinds, they have achieved great success, and we could not have asked for more from our management partners. We know the team is also excited by the opportunity to continue to execute on their long-term strategic plans with Nautic Partners, and we wish them continued success.”

“The partnership we had with Calera Capital since 2006 proved to be invaluable to the company as we invested significantly in our operational footprint and completed a number of global, strategically important acquisitions,” said Tracy Bilbrough, CEO of IPS. “It is because of these initiatives that we enjoy the significant business momentum we have today. Through all market environments, Calera was a true partner for our management team and a consistent source of added value.”

IPS was a portfolio company of Calera Capital Partners III. Robert W. Baird & Co. acted as financial advisor to IPS and Skadden, Arps, Slate, Meagher & Flom acted as legal advisor to IPS. Terms of the transaction were not disclosed.

About Calera Capital

Founded in 1991, Calera Capital is a private investment firm which currently has approximately $1.8 billion of capital under management. With offices in San Francisco and Boston, Calera invests across a diverse range of industries including business services, consumer and retail, financial services, healthcare, building products, and industrial manufacturing. Calera Capital makes substantial equity investments in operating companies, typically with enterprise values up to $1 billion, and seeks to build long-term sustainable value by working with management teams to implement strategic and operating initiatives. For more information, visit www.caleracapital.com.

About IPS® Corporation

IPS® Corporation is the trusted leader in manufacturing adhesives, solvent cements, labor-saving plumbing specialty items, and numerous components and supplies for the plumbing, construction, manufacturing, and plastic fabrication industries. With headquarters in California, IPS has operations throughout the United States, as well as the UK and China, and a worldwide network of sales representatives and distributors. More information is available at www.ipscorp.com.

Contacts

Muirfield Partners
Mickey Mandelbaum
Maya Pogoda
(310) 785-0810
mickey@muirfieldpartners.com
maya@muirfieldpartners.com

Release Summary

Calera Capital, a middle-market private equity firm, announced today that Nautic Partners has acquired IPS Corporation (IPS), a provider of adhesives, solvent cements and specialty plumbing items.

Contacts

Muirfield Partners
Mickey Mandelbaum
Maya Pogoda
(310) 785-0810
mickey@muirfieldpartners.com
maya@muirfieldpartners.com