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.