Centerbridge Partners completed the acquisition of IPS from Cypress Performance.

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.