Cypress Performance Group


Cypress Performance Group (“CPG”) offers a portfolio of advanced materials and diversified products with leading brand positions in the specialty chemicals and industrials verticals. The company was formed through the combination of IPS Corporation, a global manufacturer of specialized industrial products, and Encapsys LLC, the market leader in the development of microencapsulation technologies.


In November 2017, Sherman Capital Holdings LLC acquired IPS Corporation from private equity firm Nautic Partners. IPS was acquired through Sherman’s existing portfolio company Encapsys LLC, which together with IPS formed the newly-named Cypress Performance Group.

CPG represents a diversified, global specialty chemical and industrial platform with leading market positions across a range of product categories. IPS serves the industrial, commercial, and residential end-markets through its exhaustive lines of solvent cement, structural adhesive, and specialty plumbing products. Encapsys is the largest independent provider of chemical microencapsulation and enjoys the broadest portfolio of wall technologies and release mechanisms. Together, the two companies position CPG for continued success as a diversified, global industry leader.

Key Achievements

Across all lines of business, IPS’ products reliably deliver the exacting performance characteristics required by their end applications, resulting in significant loyalty among trade professionals and #1 or #2 market positions in all of IPS’ key markets. Encapsys’ work in several technologically sophisticated markets has earned the company its reputation as a highly-regarded business partner to leading academic institutions and consumer products companies, including P&G which has awarded Encapsys with its External Business Partner Excellence Award four years in a row.

Going forward, the combined CPG will leverage its scale and expertise to continue providing complex, advanced solutions to the company’s demanding customers. Through further organic growth and accretive, tuck-in acquisitions in core and adjacent sectors, CPG will continue its trajectory towards becoming one of the world’s leading and preeminent diversified specialty chemical and industrial platforms.

Investment Date

November 2017


Specialty Chemicals, Industrials

Investment Type

Minority Investment


Baltimore, MD, USA


Cypress Performance Group