CASSOPOLIS — A Southwest Michigan manufacturer of silicone has been acquired by CHT Group, a global conglomerate based in Germany that focuses on manufacturing and distributing specialty chemicals.
CHT Group acquired Cassopolis-based ICM Silicones Group from Los Angeles-based Century Park Capital Partners and Chicago-based Akoya Capital Partners, two private equity firms that partnered to purchase the company in 2012, according to a statement.
ICM manufacturers a variety of silicone emulsions, antifoams, gels and other products used in the industrial, personal care, electronics and numerous other markets.
The acquisition includes ICM’s facilities in Virginia, the United Kingdom, Italy and China along with the headquarters in Cassopolis.
“The acquisition is a great fit for both companies,” Levi Cottington, CEO of ICM, said in a statement. “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.”
For CHT Group, the acquisition will double the conglomerate’s current silicone business, CEO Frank Naumann said in a statement.
ICM was founded in 1989 by former Dow chemist Ken Charboneau. When the company sold to Century Park and Akoya in 2012, Charboneau moved to the CTO position to focus more on the technology side of the business, according to an announcement of the deal.
In March 2016, ICM invested $500,000 in constructing a 2,300-square-foot R&D facility in Cassopolis to expand its product offerings, the company said at the time.
Terms of the deal with CHT were not disclosed.
ICM was advised on the deal by KeyBanc and the Chicago-based law firm Winston & Strawn LLP, which also represented Century Park.