Group sells two divisions to separate American buyers

International Process Technologies (IPT) has sold two divisions to separate American buyers.

The £30m-turnover group has sold Plascoat Systems and United Moulders to Axalta Coating Systems in Philadelphia and New-Jersey-based Drew Marine respectively. The value of the deals have not been disclosed.

Plascoat has annual revenues of around £20m and United Moulders generates nearly £5m. IPT’s remaining business, Kingswinsford-based Plastic Coatings, is responsible for the remaining £6m of annual sales.

The deals were advised by Birmingham-based Orbis Partners.

Chris Gregory, partner at Orbis Partners, said: “Axalta was identified as a complementary buyer at the early stage of the sale process. The manufacturing facilities owned by Plascoat in Surrey and the Netherlands offer additional capabilities to the Axalta business which makes the sale a good strategic and operational fit for both businesses.

“We’re delighted to have concluded the sale of United Moulders, there are excellent synergy benefits to be gained by combining the two businesses. We are very pleased with the outcome which we were able to achieve for our clients and United Moulders will now have the opportunity to further develop within the larger Drew Marine group.”