IPS Corp. moved from the control of one private equity firm to another as Nautic Partners LLC said it would sell the company to funds affiliated with Sherman Capital Holdings LLC for $700 million. 

Sherman plans to combine IPS with existing portfolio company Encapsys LLC, which specializes in fragrance microencapsulation and thermal management textiles, among other technologies.

The new entity will be called Cypress Performance Group.

“IPS’ tremendous growth has arisen both organically and through the eight accretive acquisitions completed and integrated during our investment period,” Nautic Vice President Edward Sohn said in a statement. “We are confident that the company will continue to flourish as part of CPG.”

Nautic is selling IPS after acquiring the company from San Francisco-based Calera Capital in February 2015. This was Nautic’s second ownership of IPS, which had initially sold to Calera in 2006 when the buyer was known as Fremont Partners.

During the most recent ownership period for Nautic, the private equity firm helped IPS grow through a number of acquisitions, including British Columbia, Canada-based specialty adhesives company Integra Adhesives. The terms of that April 2016 deal were not disclosed, but Nautic said at the time that the addition of Integra was IPS’ fifth since the company’s 2015 reacquisition.

“Throughout our history, IPS has always been committed to providing reliable, top-quality products for our customers,” IPS CEO Tracy Bilbrough said. “In partnership with Nautic since 2015, we have remained true to that commitment while successfully executing a growth strategy that has more than doubled our enterprise value in that time. We have greatly enjoyed working with Nautic, and we now look forward to the next chapter for IPS.”