ICM Products, Inc.
When evaluating strategic alternatives for ICM Products, Inc., my number one object was to find an equity partner that I could trust with the business we had built for the last 22 years. After having met with a number of firms over the years, we decided to partner with Century Park because they demonstrated a level of honesty and integrity from day one that we had seen from very few others.Ken Charboneau
ICM Products, Inc. is a key supplier of niche silicone chemicals with expertise in developing specialized silicone polymers, defoamers and emulsions. The Company has an extensive portfolio of proprietary silicone blends that are used in a broad range of applications and end markets including personal care, food processing, mold release, cleaning, coatings and automotive care.
- Key supplier of specialized silicone polymers & emulsions
- Strong R&D capabilities
- History of growth and profitability
- Acquisition platform
Headquarters – Cassopolis, Michigan
President & CEO – Jim Cottington
Industry – Specialty Manufacturing
Website – icmproducts.com
ICM, founded in 1989 by chemicals industry veteran Ken Charboneau, had grown into a highly profitable niche supplier in the silicone chemicals market with a very lean operation and limited infrastructure and internal controls. Mr. Charboneau saw significant opportunity to continue the growth trajectory of the business, but realized the Company would benefit from a partner that could assist in building out the strategy and infrastructure to support and sustain the growth of the business.
How We Helped
With a shared vision and strong relationship between Mr. Stanutz, Mr. Charboneau and Century Park, a transaction was structured that allowed Charboneau and his family to re-invest a significant portion of the sale proceeds into the new entity. To accommodate the Company’s projected growth, Century Park and its co-investor’s identified and hired a highly qualified CEO and CFO. Century Park also created an option pool for management, allowing the key members of the ICM team to participate in the company’s continued success.
Before and directly after the transaction was consummated, Century Park and management began devising and implementing critical initiatives for ICM. These actions have strengthened ICM’s infrastructure and internal processes and have positioned the Company for the next level of growth. Some of the key initiatives completed and underway include:
- Appointed Don Stanutz (former COO of Huntsman Corporation) as Executive Chairman of ICM.
- Recruited and hired a highly qualified CEO and CFO with a combined 50 years of experience.
- Upgraded ICM’s corporate image and professionalized marketing collateral.
- Developed and implemented operational, systems and workflow improvements with the help of management and outside consultants.
- Supported management in expanding sales and R&D organizations to both accelerate and support growth initiatives.
- Developed acquisition strategy and continue to have meaningful dialogue with potential add-on acquisition targets.
- Implemented a management incentive stock plan.