Pli-Dek has completed a recapitalization transaction with ICP Construction, a portfolio company of Audax Group

IRVINE, California, April 16, 2018 – Keystone Capital Markets, Inc. (“Keystone”) announced today that its client, Pli-Dek Waterproofing Solutions (“Pli-Dek”) has been acquired by ICP Construction, a portfolio company of Audax Group. Keystone served as the exclusive financial advisor to Pli Dek in this transaction.

Headquartered in Murrieta, California, Pli-Dek develops and markets proprietary waterproofing solutions used in a variety of construction applications. Keystone was hired to lead the effort to find a buyer or investor that would meet the shareholders’ objectives.

After reviewing initial indications of interest from private equity groups with strategic holdings in the building products space, the shareholders decided to focus on attracting a growth-oriented private equity investor, with the objective of soliciting proposals that would allow the shareholders to monetize their equity, while remaining involved in the business as co-investors and sharing in the upside of the company post-close.

By orchestrating a competitive sale process, Keystone negotiated a very attractive Letter of Intent with ICP Construction, a portfolio company of Audax Group. The transaction allowed the shareholders to take a large portion of their equity off the table at close, while retaining an investment in the combined businesses and remaining involved to assist in its growth.

Jan Bagnall, founder and shareholder of Pli-Dek commented, “Keystone helped us attract buyers we never even knew existed. I know this transaction would not have occurred without their focus, industry and deal making knowledge, creativity, grace under pressure, and negotiating prowess.”