Innovative Chemical Products Acquires ASTEC
ANDOVER, Mass. — Innovative Chemical Products (ICP Group) has acquired ASTEC, a leading brand of fluid-applied membrane systems for the sustainable restoration of roofs, walls, tanks, piping, ductwork and other industrial surfaces.
Terms of the deal were not revealed.
According to a press release, ASTEC has provided professionals with high-quality, fluid-applied systems since 1985. For ICP, the acquisition helps expand the breadth of trusted brands the company offers to commercial building contractors and facility managers to solve their toughest challenges.
“The acquisition of ASTEC is exciting for ICP and helps us strengthen our comprehensive building products portfolio to benefit all of our customers and channel partners,” said Doug Mattscheck, CEO, ICP Group. “ASTEC offers high-quality products that have demonstrated proven performance for years, and we’re confident that our customers will see that value.”
ASTEC products complement ICP’s RoofSlope solution for quick and easy alleviation of slope-to-drain challenges, and its Polyset low-slope roofing adhesives for fleeceback membranes and insulation boards. Collectively, these brands allow ICP to deliver comprehensive commercial roofing solutions to professionals everywhere.
Since 1985, the ASTEC mission has been to solve commercial and industrial problems with high-quality solutions. ASTEC products add to the weathertight sustainability of restored roofs, walls and other industrial surfaces, and are used to improve appearance and save energy.
“Since our founding, we’ve been at the forefront of coatings innovation and technology development, which has allowed us to become a leader in the roof coatings industry. The success of our mission continues to surpass our most optimistic hopes and projections,” said Dave Ziebarth, president, ASTEC. “That journey continues as we join the ICP Building Solutions Group, where we’ll continue to provide quality solutions to customers old and new.”
ICP Group is a portfolio company of Audax Private Equity.