08.02.21
Andover, MA/USA
www.icpgroup.com
PRIVATE COMPANY; YEAR ESTABLISHED: 2015
REVENUE: $700 million
MARKETS SERVED
Industrial coatings, Sports coatings, Architectural coatings, Roof coatings, Environment coatings, Cementitious floor and deck coating
KEY EXECUTIVES:
Doug Mattscheck, CEO; Chad Crittendon, COO; Pete Horan, CIO; Jay Doubman, president BSG; Eric Sifferlin, SVP corporate development and PMO; Doug Caffoe, SVP marketing; Scott DeLeo, SVP product management; Tom Fishback, SVP technology; Doug Rahrig, VP technology.
Innovative Chemical Products Group (ICP Group) is headquartered in Andover, MA, and has manufacturing and distribution sites throughout North America, Latin America and Asia-Pacific, comprising a total of 12 manufacturing facilities with more than 500 employees. The company had an excellent year in 2020, growing to $700 million n in sales, adding three key acquisitions while successfully navigating the COVID-19 pandemic.
Doug Caffoe, SVP marketing, said that 2020 was certainly a unique year for construction projects.
“Like many businesses, we came into the first quarter of 2020 very strong then everything shut down due to COVID,” Caffoe observed. “We then saw a large demand for our disinfectant products and products related to the fight against COVID. Construction projects slowed, but demand for COVID related projects increased. As 2020 pushed through and the economy started opening back up, the jobs and projects that were put on hold started coming back. We saw a strong increase in the third quarter for our coatings and that increase has continued as projects continued to get back on track.”
The building envelope market, consisting of roof and environmental coatings, is ICP Group’s key market, with more than 63% of revenue. Industrial/industrial maintenance is next at 14%, followed by cementitious floor and deck coatings at 9%.
A portfolio company of Audax Private Equity, ICP Group made three acquisitions over the past year.
The first was Hi-Tech Coatings, a leading developer and manufacturer of high-performance coatings for the packaging and commercial printing industries worldwide. Hi-Tech Coatings will become part of ICP Group’s Industrial Services Group (ISG). The acquisition provides ICP ISG with opportunities within high-performance water-based and ultraviolet-curable coatings, as well as expanding its international customer base in Europe, the Middle East and Asia-Pacific regions.
The second acquisition was Leeson Polyurethanes, a leading polyurethane adhesive and coating company in the UK. The third acquisition was Tampa, FL-based Gardner Gibson and Sun Coatings, a leading manufacturer of liquid-applied roof coatings, roofing products, driveway sealers and specialty paints primarily serving professional contractors. The acquisition builds upon ICP Group’s extensive line of building solutions and global distribution network and creates one of the largest privately held coatings and adhesives companies in North America.
www.icpgroup.com
PRIVATE COMPANY; YEAR ESTABLISHED: 2015
REVENUE: $700 million
MARKETS SERVED
Industrial coatings, Sports coatings, Architectural coatings, Roof coatings, Environment coatings, Cementitious floor and deck coating
KEY EXECUTIVES:
Doug Mattscheck, CEO; Chad Crittendon, COO; Pete Horan, CIO; Jay Doubman, president BSG; Eric Sifferlin, SVP corporate development and PMO; Doug Caffoe, SVP marketing; Scott DeLeo, SVP product management; Tom Fishback, SVP technology; Doug Rahrig, VP technology.
Innovative Chemical Products Group (ICP Group) is headquartered in Andover, MA, and has manufacturing and distribution sites throughout North America, Latin America and Asia-Pacific, comprising a total of 12 manufacturing facilities with more than 500 employees. The company had an excellent year in 2020, growing to $700 million n in sales, adding three key acquisitions while successfully navigating the COVID-19 pandemic.
Doug Caffoe, SVP marketing, said that 2020 was certainly a unique year for construction projects.
“Like many businesses, we came into the first quarter of 2020 very strong then everything shut down due to COVID,” Caffoe observed. “We then saw a large demand for our disinfectant products and products related to the fight against COVID. Construction projects slowed, but demand for COVID related projects increased. As 2020 pushed through and the economy started opening back up, the jobs and projects that were put on hold started coming back. We saw a strong increase in the third quarter for our coatings and that increase has continued as projects continued to get back on track.”
The building envelope market, consisting of roof and environmental coatings, is ICP Group’s key market, with more than 63% of revenue. Industrial/industrial maintenance is next at 14%, followed by cementitious floor and deck coatings at 9%.
A portfolio company of Audax Private Equity, ICP Group made three acquisitions over the past year.
The first was Hi-Tech Coatings, a leading developer and manufacturer of high-performance coatings for the packaging and commercial printing industries worldwide. Hi-Tech Coatings will become part of ICP Group’s Industrial Services Group (ISG). The acquisition provides ICP ISG with opportunities within high-performance water-based and ultraviolet-curable coatings, as well as expanding its international customer base in Europe, the Middle East and Asia-Pacific regions.
The second acquisition was Leeson Polyurethanes, a leading polyurethane adhesive and coating company in the UK. The third acquisition was Tampa, FL-based Gardner Gibson and Sun Coatings, a leading manufacturer of liquid-applied roof coatings, roofing products, driveway sealers and specialty paints primarily serving professional contractors. The acquisition builds upon ICP Group’s extensive line of building solutions and global distribution network and creates one of the largest privately held coatings and adhesives companies in North America.