PROVIDENCE – Nautic Partners LLC has sold IPS Corp. for $700 million to Baltimore-based Sherman Capital Holdings LLC, Nautic announced Wednesday.
IPS Corp. is a manufacturer of plumbing and roofing products, solvent cements, and adhesives for residential, commercial and industrial use, headquartered in Compton, Calif.
Nautic originally acquired IPS in February 2015.
Doug Hill, managing director of Nautic, said, “The IPS management team is truly world-class. We thank Tracy Bilbrough and the entire team for their accomplishments; it has been a pleasure partnering with them to nearly double the company’s EBITDA in less than three years.”
Edward Sohn, vice president of Nautic, continued, “IPS’ tremendous growth has arisen both organically and through the eight accretive acquisitions completed and integrated during our investment period. We are confident that the company will continue to flourish as part of CPG.”
Nautic estimates that it has managed more than $4.2 billion over its 30-year history. The firm specializes in health care, industrial products and outsourced services investments.
Tracy Bilbrough, CEO of IPS, said, “Throughout our history, IPS has always been committed to providing reliable, top-quality products for our customers. In partnership with Nautic since 2015, we have remained true to that commitment while successfully executing a growth strategy that has more than doubled our enterprise value in that time. We have greatly enjoyed working with Nautic, and we now look forward to the next chapter for IPS.”
Chris Bergenheim is the PBN web editor.
