Innovative Chemical Products Group Announces Acquisition of Fomo Products by Adhesives Division
ANDOVER, MA—April 20, 2016— Innovative Chemical Products (ICP) Group announced the completion of the acquisition of Fomo Products, Inc., a leading manufacturer of low pressure one- and two-component polyurethane foam sealant and adhesives products. Fomo Products will be integrated into ICP Adhesives and Sealants, Inc. (ICP Adhesives), a division of the ICP Group.
ICP Adhesives is focused on growth, with its prior carve-out acquisition of the Pressurized Polyurethane Foam Adhesives business (formerly known as Polyfoam Products, Inc.), and now the successful completion of the acquisition of Fomo Products. Headquartered in Norton, Ohio, Fomo Products was founded in 1975 and is a manufacturer of low pressure one- and two-component polyurethane foam sealants, adhesives, pour-in-place and spray foam in pressurized, disposable, and refillable packaging. Additional markets include mine ventilation air sealant applications.
"We are enthusiastic to join the ICP Adhesives team," said Stefan Gantenbein, President and COO of Fomo Products. "The opportunity for continued growth and our complementary cultures make this an ideal fit. Through sharing best practices, scalable operational capacity, advanced technologies and talented leadership and employees, we can leverage both companies' capabilities to deliver great value to our customers." Mr. Gantenbein has been named division president of ICP Adhesives.
As part of the larger platform company, ICP Group, the ICP Adhesives division provides opportunity for continued growth, and added strength through raw material purchasing synergies, technological collaboration, and shared service. With the addition of Fomo's extensive product offerings, patented technologies and talented employee base, ICP Adhesives further expands its leadership position in the polyurethane adhesives and sealants market.
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"We are excited to welcome Fomo Products to the ICP Adhesives family," said Doug Mattscheck, CEO of ICP Group. "These combined products and technologies propel us into a new chapter for the business. Additionally, these acquisitions will strengthen our ability to support our customers through innovation, as we continue to lead the specialty coatings and adhesives markets."
Innovative Chemical Products (ICP) Group is a portfolio company of Audax Private Equity. The Fomo transaction represents ICP's fourth acquisition.
About ICP Adhesives, a division of the ICP Group: ICP Adhesives and Sealants, Inc. (ICP Adhesives) is a division of ICP Group. ICP Adhesives is a leading manufacturer of low pressure one- and two-component polyurethane foam sealant and adhesives products in pressurized, disposable, and refillable packaging. Products include CR-20, SFI-175, Polyset AH-160 and Polyset RTA-1, Handi-Foam®, Handi-Flow®, Handi-Stick®, and Silent-Seal®. For more information on ICP Adhesives, visit www.icpadhesives.com.
About ICP Group: Innovative Chemical Products (ICP) Group is a leading specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings and adhesives. With operations headquartered in Andover, MA, and additional manufacturing and warehousing in Itasca, IL, Tomball, TX, and Coral Springs, FL, ICP serves the architectural, specialty construction, packaging, printing and sport surfaces end markets. ICP is privately held and manufactures products under several specialty brands, including Polyset, California Paints, Fiberlock, Storm System, Nicoat, Decoturf, Plexipave, and Rebound Ace. For more information on the Construction, Adhesives and Industrial divisions of ICP Group, visit www.icpgroup.com.
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