IPS Adhesives Acquired by Matrix Adhesives
COLUMBUS, Ohio – IPS Adhesives, the parent company of Integra Adhesives, is now part of Matrix Adhesives Group.
The acquisition, announced July 27, splits off the adhesives part of Compton, Calif.-based IPS Corp. in a deal estimated to be slightly more than $100 million, according to The Deal service from S&P Global.
The acquisition includes the Integra and Unika® brands in surfacing) and the SCIGRIP Adhesives® structural line. Matrix will also gain expertise in methyl methacrylate (MMA) technology and color-matching technologies.
Scott McDowell, IPS Adhesives president, will remain with the company as part of the new management.
“Joining Matrix represents an exciting milestone for the IPS Adhesives team,” McDowell said. “Becoming part of the Matrix family will allow us to preserve our strong market position in MMA solutions, while gaining the scale, resources, and global platform to support our growth plans.”
“This strategic partnership enhances our ability to deliver differentiated, value-added solutions to our customers,” said DJ Johnson, Matrix Adhesives Group CEO. “We are pleased to welcome the IPS Adhesives team to the Matrix family of ‘passionate people creating bonds.”
The Deal reported that IPS Corp. negotiated with two final bidders, including Matrix and KKR & Co. platform Chase Corp. BMO Capital Markets Corp. aided in setting up an auction for the adhesives unit in February.
Integra Adhesives, a top brand in the hard-surfaces market, was originally based in Abbotsford, B.C. IPS Corp. added the company via its SCIGRIP line from Integra founder Doug Turner and stockholders in 2015.
IPS Corp. went through several private-equity-group ownerships before finally ending up with Centerbridge Partners LP in 2021.
Matrix Adhesives is a portfolio company of New York-based TruArc Partners LP. The private-equity firm, focused on middle-market investments in business services and manufacturing, acquired Matrix Adhesives in March from Minneapolis-based private-equity firm Goldner Hawn.
