Lime Rock, Thompson Street team up on $91m take-private

The private equity firms have purchased publicly listed Industrial Rubber Products, a manufacturer of protective coatings for pipelines, for $16.50 per share.

Lime Rock Partners and Thompson Street Capital Partners have acquired publicly-listed Industrial Rubber Products for $91 million.

The private equity firms have agreed to pay $16.50 per share for the Minnesota-based maker of protective coatings for pipelines and other equipment used in industrial applications. That price represents a roughly 49 percent premium to the average closing price of Industrial Rubber over the preceding twenty trading days.

The company’s current management makeup, including its president, will remain intact, according to a statement from Industrial Rubber.

The deal, which has been endorsed by Industrial Rubber’s board of directors, still awaits shareholder approval.

Energy infrastructure specialists Lime Rock manage roughly $3.5 billion in capital. St. Louis-based Thompson Street manages roughly $450 million in capital, and typically makes investments in business with annual revenues between $20 million and $200 million.