Centerbridge Partners’ Acquisition of IPS Corporation

Morgan, Lewis & Bockius represented IPS and Cypress, while Latham & Watkins represented Centerbridge in the transaction.

IPS Corporation, a leading manufacturer of plumbing and roofing products, solvent cements, and adhesives for residential, commercial, and industrial use, closed a definitive agreement for funds advised by Centerbridge Partners, L.P., a leading private investment firm, to acquire IPS 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.

Centerbridge Partners, L.P. is a private investment management firm employing a flexible approach across investment disciplines — private equity, private credit and real estate — in an effort to develop the most attractive opportunities for its investors.

Cypress Performance Group, LLC is a holding company founded by George Sherman focused on value-added manufacturing or industrial service businesses in industries with consolidation opportunities. 

BofA Securities and Credit Suisse served as financial advisors to IPS on the transaction. Jefferies served as lead financial advisor to Centerbridge. Jefferies and Credit Suisse provided financing for the transaction. 

Latham & Watkins LLP represented 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.

The Morgan Lewis team included partners Alec Dawson and Andrew Milano, and associates Rebekah Raber and Samuel Worth.

Involved fees earner: Sara Aziz – Latham & Watkins; Joseph Bargnesi – Latham & Watkins; James Barrett – Latham & Watkins; Robert Buday – Latham & Watkins; Ian Bushner – Latham & Watkins; Jeremiah Cowen – Latham & Watkins; Jana Dammann de Chapto – Latham & Watkins; Manu Gayatrinath – Latham & Watkins; Julia Hatcher – Latham & Watkins; Madeline Hong – Latham & Watkins; Jennifer Kent – Latham & Watkins; Sarah Loiselle – Latham & Watkins; John Miller – Latham & Watkins; Tomas Nilsson – Latham & Watkins; Andrea Ramezan-Jackson – Latham & Watkins; Neal Reenan – Latham & Watkins; Amanda Reeves – Latham & Watkins; Karen Ritter – Latham & Watkins; Andrew Rondeau – Latham & Watkins; Stelios Saffos – Latham & Watkins; Peter Todaro – Latham & Watkins; Peter Viola – Latham & Watkins; Bradd Williamson – Latham & Watkins; Jeremiah Wolsk – Latham & Watkins; Christopher Wood – Latham & Watkins; Alec Dawson – Morgan Lewis & Bockius; Andrew Milano – Morgan Lewis & Bockius; Rebekah Raber – Morgan Lewis & Bockius; Samuel Worth – Morgan Lewis & Bockius;

Law Firms: Latham & Watkins; Morgan Lewis & Bockius;

Clients: Cypress Group; IPS Corporation;