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Century Park Capital Partners and Akoya Capital Partners sell ICM Silicones Group

Century Park Capital Partners and Akoya Capital Partners have completed the sale of ICM Silicones Group (ICM) to the CHT Group (CHT), a specialty chemicals conglomerate headquartered in Germany.

ICM is a leading independent formulator and manufacturer of specialty silicone materials offering one of the market’s broadest portfolios of customised silicone products. ICM’s product catalog includes over 800 proprietary formulations spanning emulsions, elastomers, antifoams, gels and gums. The Company serves over 2,000 customers across the automotive, cosmetics, electronics, food processing, industrial, personal care and thermal management end markets. ICM is headquartered in Michigan and has additional manufacturing operations across the US, Europe and Southeast Asia.
 
In 1989, Ken Charboneau, a former Dow silicones chemist, founded ICM Products in Cassopolis, MI. In 2012, Century Park acquired majority control of ICM Products in partnership with Akoya, allowing Mr. Charboneau to transition from a CEO role to a CTO position. Shortly after Century Park’s purchase, ICM completed the acquisition of Path Silicones. Soon thereafter, in 2014, ICM acquired the Amber Chemical Company, allowing ICM to transform itself into a global provider of silicone emulsions and elastomers. The Amber transaction added Quantum Silicones (Richmond, VA), Siovation (Atlanta, GA), ACC Silicones (UK), Treco (Milan, Italy) and Amber Silicones (Tianjin, China) to the ICM family. Subsequent to this transaction, the Company was renamed ICM Silicones Group and Levi Cottington became its CEO. Under Century Park’s ownership, ICM’s revenues and earnings increased approximately threefold.
 
Martin Sarafa, Managing Partner with Century Park Capital Partners, says: “ICM has grown into a truly global silicones player that can meet the formulation needs of the industry’s most demanding end customers. We are proud to have helped build one of the largest independent silicone specialty chemical formulators in the world.”
 
Guy Zaczepinski, Managing Partner with Century Park Capital Partners, adds: “Levi Cottington and his management team did an outstanding job in growing this platform, and we could not be more excited for ICM’s next chapter. CHT is an ideal home for ICM and we believe that the Company will flourish with its new ownership group.”
 
Don Stanutz, Akoya Managing Director and ICM Board Chair, says: “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. We are convinced that the best days of ICM are ahead of it.”
 
Levi Cottington, CEO of ICM, says: “Century Park has been an invaluable partner for ICM. Their support of large investments in new labs, people and R&D resources, as well as add-on acquisitions, allowed ICM to become the global leader it is today. I am truly excited for the Company’s future with CHT.”
 
KeyBanc served as financial advisor and Winston & Strawn served as legal advisor to ICM Silicones Group and Century Park in this transaction.

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