German company acquires silicone manufacturer
A German specialty chemicals supplier has acquired a silicone manufacturer headquartered in southwest Michigan.
Cassopolis-based ICM Silicones Group has completed its sale to the CHT Group, bringing its entire catalog of more than 800 proprietary formulations and global manufacturing operations under the German silicone conglomerate. ICM provides emulsions, elastomers, antifoams, gels and gums to its more than 2,000 customers across the automotive, cosmetics, electronics, food processing, industrial, personal care and thermal management end markets.
Terms of the deal were not disclosed.
“The acquisition is a great fit for both companies,” ICM CEO Levi Cottington said. “CHT gains a strong presence in the United States plus adds technology and market segment expertise that can be used globally.
We appreciate what we have been able to accomplish with Century Park and look forward to being part of the strong global CHT Team.”
ICM Products was founded by former Dow chemist Ken Charboneau in 1989, and Los Angeles-based private equity firm Century Park Capital Partners purchased a majority stake in partnership with Akoya Capital Partners in 2012. At that time, Charboneau transitioned from CEO to CTO.
Shortly after Century Park’s purchase, ICM acquired Path Silicones and in 2014, added the Amber Chemical Company to its portfolio, when the company was rechristened ICM Silicones Group and Cottington installed as CEO. During its time under Century Park’s ownership, ICM’s revenues increased about threefold.
“Our partnership is delighted that under our ownership we were able to help ICM aggressively transition itself from a single location regional business to a successful multi-site global enterprise,” said Don Stanutz, Akoya managing director and ICM board chair. “We are convinced that the best days of ICM are ahead of it."
KeyBanc served as financial advisor and Winston & Strawn as legal advisor to ICM and Century Park in the transaction.