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32 ownership transitions.

$347 million of value.

Three decades of experience.

Manufacturer of industrial agreements.

Adding value from source to solution

Solution: Buyout & Exit

Bel Air Growth Partners Recapitalizes Mixer Systems 032023

Business Description

IGC Technologies (“IGC”) was established in Milwaukee, WI by a classic “backyard tinkerer”. Selling a variety of industrial ingredients, IGC’s founder stumbled across a formulation that addressed an age old problem of veining defects endemic to the metal casting process. This formulation thus became the company’s main product. IGC’s founder developed life threatening health issues that led him to seek liquidity in a process where he sought to avoid using an intermediary. At the time, IGC was characterized by: (i) high domestic market share in a niche segment of the foundry additives market; (ii) significant customer concentration as the domestic foundry industry consolidated (iii) modest growth rates as end markets remained tied to low growth segments like automotive; (iv) large supplier concentration reliant on one source; (v) an aggressive young president with international experience and a well-regarded chemist in place; (vi) entrepreneur stage business practices and stagnant new product development; and (vii) opportunity to expand sales internationally.

Transaction Overview

Bel Air principals were part of a private equity team that sponsored the buyout of IGC in an all cash transaction that provided complete liquidity and retirement for the founder. The president gained the opportunity for significant ownership and was appointed CEO. Post-closing accomplishments included: (i) recruitment of a strong CFO and VP of Operations; (ii) consolidation of three operating facilities into one; (iii) realignment of resources and introduction of several next generation products; (iv) formalization of partnership with the world’s largest foundry supply company based in Germany, which led to significant international sales; (v) development of alternative supply sources for critical ingredients; and (vi) managing through the 2008/09 recession and concurrent increase in raw material costs which significantly impacted financial results. By 2011, Prince Minerals, one of IGC’s key new suppliers, expressed considerable interest in the company which ultimately led to IGC’s acquisition by Prince. IGC’s CEO has since gone on to become a senior executive at Prince, managing numerous larger businesses.


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