TruArc Partners LP portfolio company Matrix Adhesives Group on Monday, July 27, said it’s acquired IPS Adhesives from Centerbridge Partners LP platform IPS Corp., adding a high-performance adhesives business with a global footprint.

Columbus, Ohio-based Matrix didn’t disclose financial terms of the transaction, though The Deal reported in May that the carveout was expected to value IPS Adhesives at just north of $100 million, or a high-single-digit multiple of projected 2026 Ebitda of roughly $12 million.

Compton, Calif.-based IPS was in negotiations with two final bidders, including Matrix and KKR & Co. (KKR) platform Chase Corp., the Deal reported, adding that Matrix was likely to win the auction.

IPS had been working with BMO Capital Markets Corp. on an auction for the adhesives unit that launched in February.

IPS Adhesives provides high-performance adhesives for building and construction, transportation, industrial and marine markets. The company has expertise in methyl methacrylate, or MMA, technology and other advanced adhesive technologies. MMA adhesives are used in demanding applications because of their fast cure times, limited surface preparation requirements and ability to bond dissimilar materials.

Centerbridge bought IPS from Sherman Capital Holdings LLC platform Cypress Performance Group LLC in October 2021 for an undisclosed sum, though the deal was valued at $1 billion to $2 billion, according to With Intelligence data.

Following the adhesives sale, Centerbridge’s IPS platform will tighten its focus on building products and generate well north of $100 million of Ebitda, the Deal previously said.

Matrix said the IPS Adhesives acquisition will strengthen its specialty adhesives portfolio by adding six established brands and expanding its reach in specification-driven applications across industrial durables, marine, building and construction, and sign and display markets. The deal also extends Matrix’s international presence through the unit’s European footprint, distributor network and customer relationships.

Matrix is a specialty adhesives and sealants platform providing solutions for renovation and construction, industrial, commercial and specialty applications. The company specializes in formulating, filling, blending and contract packaging for consumer and industrial markets.

Scott McDowell, president of IPS Adhesives, will remain with the business as a member of Matrix’s leadership team.

The acquisition is Matrix’s first add-on since TruArc invested in the company in March. The New York-based PE firm agreed to acquire Matrix from Goldner Hawn LP at a valuation thought to be a low-double-digit multiple of Ebitda.

Matrix was marketed on around $30 million of Ebitda in an auction process run by Houlihan Lokey Inc. and BMO that also attracted OpenGate Capital LLC, Platinum Equity LLC’s middle market fund and Wynnchurch Capital LLC, sources told The Deal at the time.

New York-based Centerbridge makes private equity, private credit and real estate investments, with a focus on flexible, multistrategy approaches across North America and Western Europe. It typically focuses on investments of more than $100 million, often operating within the middle market to large-cap space.

It reportedly raised $3.6 billion for its fifth PE fund in 2024.

Founded in 2021 as a successor to Snow Phipps Group LLC, TruArc invests $50 million to $150 million in platform companies, focusing on specialty manufacturing and business services companies with enterprise values of $100 million to $500 million and $10 million to $50 million in Ebitda.

In July, TruArc closed TruArc Fund V with $1.2 billion in capital commitments. With Intelligence reported in April that the firm was preparing to launch the fund with a target of $1 billion to $1.4 billion.

Chemlink Partners LLC was financial adviser to Matrix, with Davis Polk & Wardwell LLP providing counsel.

IPS looked to BMO for financial advice and Latham & Watkins LLP for counsel.