New Haven, CT, March 8, 2019 – VR Mergers & Acquisitions (“VR”), a Connecticut business brokerage
firm serving business owners in the Northeast, is pleased to announce the closing of the sale of TPR2 ’s
Fireshell ® , Heat Shedder ® , FireSafe ® and Structure Saver TM intumescent coatings to Innovative Chemical
Products Group (“ICP Group”). ICP Group is a portfolio company of Audax Private Equity and is
headquartered in Andover, MA. TPR 2 is located in Essex, CT.
TPR2 develops and manufactures specialized thermal barrier, fire retardant and fire resistant technologies
used for a variety of applications and end users. The company’s line of intumescent coatings were
brought to market in 2007 to coat spray foam insulation used primarily on commercial construction
projects. Fireshell ® , Heat Shedder ® , FireSafe ® and Structure Saver TM are distributed throughout North
American and select overseas markets through leading insulation product dealers.
Peter Gummo, managing partner of TPR2 , found in ICP Group a company that was a perfect fit for the
Fireshell ® product line. ICP Group is a leading specialty chemical manufacturer in North America and
provider of coatings, adhesives and sealants globally. The acquisition of these product lines and
technologies provides the ICP Group new opportunities to strengthen its total offering to customers and
channel partners while further positioning ICP Group as the premier coatings innovator.
Jeff Swiggett, President of VR Mergers & Acquisitions, commented that “We were very pleased to assist
Peter and his partners in this transaction and quite honored to have been trusted with managing the sale of
their Fireshell ® , Heat Shedder ® , FireSafe ® and Structure Saver TM coatings. They developed a great
product line and we wanted to make sure we secured the right buyer which we did with ICP Group.”