Innovative Chemical Products Group Announces Acquisition of Master Coating Technologies by Construction Division


ANDOVER, Mass.--(BUSINESS WIRE)--ICP Construction, a division of Innovative Chemical Products (the ICP Group), announced today the acquisition of Master Coating Technologies, a leading manufacturer of specialty architectural coatings.

ICP Group is a leading specialty platform company in the coatings, adhesives, sealants and elastomers (CASE) markets. The company will join the current ICP Construction division, which includes market-leading brands California Paints, FixALL, Storm System, Fiberlock, Dry-Treat, California Sports Surfaces, and Rock-Tred.

Master Coating Technologies was founded in 1995 and is headquartered out of Eagan, MN. Both companies are well respected industry leaders and have a common interest in innovation and developing new technologies.

“Master Coating Technologies is among the top five manufacturers of specialty coatings. They have been on our radar for quite some time now. We’re thrilled to have their brilliant people––and technology––as a new resource to further cement ICP Group’s reputation as an innovative leader,” said Doug Mattscheck, CEO of ICP Group.

Zain Mahmood, President of ICP Construction adds, “We also see a great opportunity to accelerate growth. Our existing independent dealer network is now even stronger with well-respected brands that have both residential and commercial applications.”

The acquisition broadens ICP Construction’s portfolio of architectural coatings with specialty products focused exclusively on commercial applications. Recently, architects and designers have been requesting specific brands, like Zolatone, Scuffmaster, MDC, Bellagard, and ClearErase. Now ICP Construction has more opportunities to meet those needs.

Thomas Schaefer, President of Master Coating Technologies, is optimistic about the future. “Through sharing best practices, scalable operational capacity, advanced technologies and talented leadership and employees, we can leverage both companies’ capabilities to deliver more value and better service to customers.”

ICP Construction and Master Coating Technologies customers will not experience any interruption in service as a result of the acquisition.

Innovative Chemical Products (the ICP Group) is a portfolio company of Audax Private Equity.

About ICP Construction, a division of the ICP Group

A global leader in the paints and coatings industry, ICP Construction is committed to providing the highest-quality paints, coatings, sports surfaces and environmental remediation solutions for the architectural and building industries. Our family of award-winning brands provides innovative products, support and dedication to our customers. Our products set the standard in their markets, and our continued investment in advanced technology and delivery offers unparalleled value to our customers. Visit for more information.

About ICP Group

Innovative Chemical Products (the ICP Group) is a leading specialty chemical company engaged in the formulation, manufacturing, and marketing of coatings, adhesives, sealants and elastomers (CASE). With operations headquartered in Andover MA, and divisional headquarters in Massachusetts, Ohio and Illinois, ICP serves multiple end markets, including: OEM, industrial, building materials, packaging, printing, specialty construction, and sports surfaces. ICP Group is privately held and manufactures products under several recognized, specialty brands. For more information on the Construction, Adhesives & Sealants, and Industrial divisions of the ICP Group, visit

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