Olympus Partners recently agreed to sell Innovative XCessories & Services (IXS) to Clearlake Capital.
IXS is composed of two divisions: Ground Effects and IXS Coatings. Ground Effects provides automotive OEMs with vehicle upfit services, including spray-on pickup truck bedliners, as well as functional exterior accessories through a network of 20-plus facilities in North America and Thailand. IXS Coatings includes LINE-X, a franchisor of 500-plus branded service locations and the industry’s largest aftermarket retailer of spray-on bedliners, as well as industrial coatings, which provide protective coating solutions to a wide and expanding range of end markets.
“Olympus has provided invaluable strategic insight and financial support during a period of tremendous growth for IXS,” said Jim Scott, CEO of IXS and president of Ground Effects. “I could never have imagined being connected to such a wonderful partner.”
Since Olympus’ investment in August 2014, IXS has more than tripled EBITDA organically, opened more than 10 new production facilities, and completed several acquisitions, Olympus said.
“The success of this transaction was driven by the hard work and talent of the IXS management team,” said Jason Miller, a partner at Olympus. “They were able to expand their market-leading position by continuing to innovate while never losing their dedication to customer service.
“They have built an extraordinary company and I look forward to seeing it continue to grow under new ownership.”