Announced
Completed
Financials
Tags
Private
Acquisition
United States
Friendly
Cement
cement
Majority
Domestic
plumbing services
Single Bidder
Building Roofing/Wallboard and Plumbing
Private Equity
Completed
Synopsis
Centerbridge Partners, a multi-strategy private investment firm, completed the acquisition of IPS, a manufacturer of solvent cement for rigid and flexible plastic pipe and fittings, from Cypress Performance, a holding company. Financial terms were not disclosed. "George Sherman and George Moore are highly accomplished industrial leaders, and they have continued their impressive track record of value creation at IPS. The Company is a world-class manufacturer with leadership positions across its key product categories and stands to benefit from strong market tailwinds in its attractive end markets," Steven Silver, Centerbridge Global Co-Head of Private Equity and Senior Managing Director.
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