August 12, 2021
IPS Corporation, a leading manufacturer of plumbing and roofing products, solvent cements, and adhesives for residential, commercial, and industrial use, has announced a definitive agreement for funds advised by Centerbridge Partners, L.P., a leading private investment firm, to acquire the Company from Cypress Performance Group, LLC. George Moore and Dan St. Martin will continue to serve as Executive Chairman and CEO of IPS, respectively. This transaction is expected to close in 2021 and is subject to customary closing conditions and approvals. Financial terms of the transaction were not disclosed.
Latham & Watkins LLP represents Centerbridge Partners in the transaction with a corporate team led by Neal Reenan, Ian Bushner, and John Miller and a finance team led by Stelios Saffos and Manu Gayatrinath, with Jennifer Kent, Christopher Wood, Tara Nair, Sarah Loiselle, and Andrew Rondeau. Advice was also provided on IP matters by Jeremiah Wolsk; on sanctions and anti-corruption matters by Joseph Bargnesi; on benefits & compensation matters by Bradd Williamson, with Madeline Hong; on tax matters by Andrea Ramezan-Jackson, with Jeremiah Cowen; on environmental matters by James Barrett and Julia Hatcher, with Peter Viola; on real estate matters by Robert Buday, with Karen Ritter and Sara Aziz; and on antitrust & competition matters and ex-US filings by Mandy Reeves, Tomas Nilsson, Jana Dammann and Peter Todaro.