No big surprise there, except for 1) it is about six years later than I would have first thought and 2) November 2011 is not exactly the peak of the IPO craze.
Although I have known Ray Sharpe, Isola’s CEO, since his days at Alpha Metals (almost two decades ago), I haven’t yet spoken to him about the decision. That said, I would guess that Isola feels the next 12 months could be rocky. The company has blown the doors off so far in 2011, and perhaps they think they should strike while that iron is hot.
Moreover, if 2012 sinks, then they might need the cash from the IPO to help cover the downturn. I can’t see TPG wanting to put more of its own capital in.
Isola was the largest laminate maker to be privately held. This is a big story.