Company Story

ICM Products, Inc.

ICM Products, Inc. is a leading manufacturer of silicone polymers and emulsions for a broad range of end markets.


Specialty Chemicals

Date Invested


Date Exited


Akoya Sector Leader


The Opportunity


Sector Leader's Assessment

ICM was founded in 1989 by Ken Charboneau and grew as a successful family-owned business.

Don Stanutz, Akoya’s Specialty Chemicals Sector Leader, knew the industry was primed for private investment opportunities. Leveraging his 37 years of market-specific experience and expertise, he pinpointed ICM as a specialty silicone product manufacturer with significant upside potential.

One of Don’s first steps was to bring Ken and his ICM leadership team together with Akoya founder Max DeZara to explore the possibilities. The conversation identified product and geographic expansion opportunities as well as bolt-on acquisitions that could drive more growth and value.


Value Creation Plan

To ensure Akoya and ICM alignment, a Value Creation Plan identified and prioritized clear, actionable steps to maximize the company’s potential.

Organic Growth Opportunities: (1) Expand sales geographically to capture share more quickly in existing markets; and (2) support sales with marketing to drive greater sector penetration and to attract new customers in adjacent industrial markets.

M&A Growth Opportunities: (1) Acquire complementary specialty silicone businesses; and (2) evaluate opportunities to replicate ICM’s manufacturing footprint in Asia.


Hands-On Strategy & Execution


Growth Strategy Implementation

Akoya inspires change in three key areas critical to growth.

Talent Acquisition: ICM’s leadership team was strengthened with the recruitment of an accomplished CEO and CFO. Three experienced salespeople were brought on board to execute an aggressive sales and marketing strategy.

Capital Investment: To support projected rapid manufacturing growth, ICM expanded from one to five manufacturing facilities. Plants were strategically located in proximity to regions with high growth potential.

Board & Governance Structure: Bringing fresh perspectives to the business, the new structure helped shape strategic direction, provided financial oversight, and established KPIs to measure momentum and seek to mitigate risk.


Add-Ons and Exit

In 2014, ICM acquired Amber Chemical Co. Ltd. Headquartered in the United Kingdom, Amber Chemical significantly expanded ICM’s global and end-market reach.

In 2017, Akoya sold ICM Products, Inc. to CHT Group, solidifying CHT’s position as a global leader in the specialty chemicals market.