has sold it's pressurized polyurethane foam adhesives business to
3M Company sold it's Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam), which is part of 3M's Industrial Adhesives and Tapes Division, to Innovative Chemical Products Group ("ICP Group"), a portfolio company of Audax Private Equity. Grace Matthews advised 3M on this transaction. Terms of the transaction were not disclosed.
3M's Pressurized Polyurethane Foam Adhesives business provides pressurized polyurethane foam adhesive formulations and systems to the residential roofing, commercial roofing and insulation and industrial foam segments in the United States. The product offering includes a two-component roof tile adhesive that professional roofers use to attach concrete or clay roof tile. The business also offers a polyurethane foam insulation adhesive used for adhering fleece back roofing membrane and insulation board in low-slope roofing applications.
The acquisition aligns with Audax' strategy for its new platform, ICP Group, in specialty coatings and adhesives. Audax recently announced the creation of ICP Group through the acquisition of National Industrial Coatings (“Nicoat”) and California Products Corporation, which together serve the packaging, printing, architectural, sports surfaces, and specialty construction segments. Audax plans to rapidly grow the platform through acquisitions in both new and existing end markets, products lines, and technologies as well as a strong organic focus.
“The acquisition provides ICP with unique formulation and dispensing technology in the polyurethanes market and is an excellent fit with the Audax strategy in specialty coatings and adhesives,” said Andy Hinz, Director at Grace Matthews. “The transaction is a great outcome for both 3M and ICP and positions the business for continued growth going forward.”