SANTA MONICA, CA/WINDSOR, Ontario — Clearlake Capital Group L.P., together with certain affiliates (Clearlake), in partnership with management, announced that it has agreed to acquire Innovative XCessories & Services LLC (IXS) from Olympus Partners. IXS is a leading provider of coating solutions and vehicle up-fit services to OEMs, the automotive aftermarket and diversified industrial end markets. The transaction is expected to close in the first quarter of this year. Terms are not being disclosed.
Headquartered in Windsor, Ontario, IXS operates two divisions — Ground Effects and IXS Coatings. Ground Effects provides automotive OEMs with margin-enhancing vehicle up-fit services including the commercial application of spray-on pickup truck bedliners and installation of factory options and special edition modifications. IXS Coatings includes LINE-X, a franchisor of 500+ branded service locations and the industry's largest aftermarket retailer of spray-on bedliners, as well as Industrial Coatings, which provides protective coating solutions to a wide and expanding range of end markets, including energy, marine and defense. IXS's global footprint includes more than 20 company-operated facilities across the Americas, APAC and EMEA. Jim Scott, IXS's CEO, and the existing management team will continue to lead the company.
"IXS is the clear market leader in spray-on bedliners for both automotive OEMs and the aftermarket, and its proprietary protective coating solutions enable it to provide differentiated services while expanding its market opportunity," said José E. Feliciano, co-founder and Managing Partner at Clearlake. "The company's focus on service, quality and innovation has solidified IXS as the supplier of choice for its customers, and we are excited to partner with Jim and his team to support the company's plans for accelerated growth."
"We are thrilled to partner with Clearlake, which brings an exceptional track record of supporting and growing companies in the automotive and industrial sectors," said Scott. "Clearlake's investment approach, operational expertise and financial resources will help accelerate our growth, both organically and through acquisitions, as we continue providing the highest quality services and solutions to our customers."
"We are excited to leverage our combined industry knowledge and partner with Jim and his leadership team to support this quality business," said Colin Leonard, partner at Clearlake. "The relationships that IXS has cultivated with its customers are a testament to their dedication to providing market-leading solutions and world-class service. We look forward to leveraging Clearlake's O.P.S.® framework to continue driving organic growth, while supporting the IXS team in completing strategic acquisitions to enhance and expand the company's offerings."