Two Firms Help Centerbridge Buy Building Materials Maker IPS

Latham & Watkins is advising Centerbridge Partners LP on a deal to acquire IPS Corp., a maker of plumbing and roofing products, solvent cements, and adhesives for residential, commercial, and industrial use.

Morgan, Lewis & Bockius is advising IPS and the seller, Cypress Performance Group LLC, a holding company started by former Danaher Corporation CEO George Sherman. Financial terms for the deal, expected to close this year, were not disclosed, according to a statement.

Several “significant” shareholders in Cypress, including the Sherman family and Shumway Capital, are staying on as shareholders in IPS along with Centerbridge, the statement says.

Founded in 1954, IPS says its brands, including Weld-On, Christy’s, Water-Tite, Studor, and Scigrip. They are sold through wholesale and retail channels around the world. It has manufacturing operations in the U.S., the U.K., and China.

“The company is a world-class manufacturer with leadership positions across its key product categories,” said Steven Silver, global co-head of private equity and senior managing director at Centerbridge. It “stands to benefit from strong market tailwinds in its attractive end markets.”