Industrial Rubber Products Completes Merger


Hibbing, Minn., September 16, 2008 — Industrial Rubber Products, Inc., a leading designer, producer, and applicator of protective coatings to pipeline and industrial markets, today announced that it has completed its previously announced merger with affiliates of Lime Rock Partners, a Westport, Connecticut-based private equity firm focusing on the global energy industry, and Thompson Street Capital Partners, a St. Louis-based private equity firm focused on the manufacturing, distribution, and services industries.

The transaction was finalized today following the overwhelming approval by the shareholders of Industrial Rubber Products, and satisfaction of other customary closing conditions. Industrial Rubber Products will be privately held by members of management, Lime Rock and Thompson Street and its shares will no longer be publicly traded.

About the Companies

Founded in 1957, Industrial Rubber Products is a leading designer, producer, and applicator of elastomeric protective coatings for pipelines and other equipment used in demanding industrial applications. It serves U.S. and international customers in the energy, mining, aggregates, and other end markets. The company attracts and maintains strong customer relationships by utilizing proprietary compounds and manufacturing processes to create unique product solutions with performance and economic attributes superior to substitute products. Since the launch in late 2006 of the company’s patent-pending IRACORE™ Pipe System, IRACORE has become the technology-leading pipe system for the fast growing oil sands industry in Canada and is beginning to penetrate other end markets. For more information, please see

Established in 1998, Lime Rock manages $3.5 billion of private capital for investment in the energy industry through Lime Rock Partners, investors of growth capital in energy companies worldwide, and Lime Rock Resources, acquirers and operators of oil and gas properties in the United States. Lime Rock Partners is a creative, value-adding, and long-term investor of growth capital in exploration and production, energy service, and oil service technology companies worldwide. From locations in Aberdeen, Scotland; Houston, Texas; and Westport, Connecticut, the Lime Rock Partners team brings together a global network of relationships, deep interdisciplinary expertise in finance and energy company operations, and a strong track record of value creation. For more information, please visit

Thompson Street Capital Partners has $450 million in capital under management. The private equity firm makes investments in manufacturing, service and distribution businesses with annual revenues between $20 million and $200 million, and a minimum EBITDA of $5 million. The fund’s philosophy is to partner with management in leveraged acquisitions, recapitalizations, corporate divestitures and going-private transactions. Thompson Street Capital Partners was founded in 2001 by James A. Cooper and Peter S. Finley and is located in St. Louis, Mo. For more information, please visit

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