Bunker Hill Capital has sold Indianapolis-based Specialty Coating Systems to an undisclosed strategic buyer. No financial terms were disclosed, although Bunker Hill said that the sale represented a 6x ROI .
Bunker Hill Capital, L.P. (“Bunker Hill”) today announced the
sale of its portfolio company, Specialty Coating Systems, Inc. (“SCS” or the “Company”), to a
strategic buyer. Bunker Hill acquired SCS, formerly a business unit of Cookson Group plc, in
December 2005, and the sale represents over a six times return on invested capital and in excess
of a 100% IRR to Bunker Hill.
According to Mark DeBlois, a Managing Partner of Bunker Hill, “We are very pleased with the
sale of SCS and are confident that SCS will continue its impressive growth rate. This sale
represents an exceptional return for our limited partners in less than three years, and we are
grateful to Terry Bush and the SCS management team for their hard work and dedication. We
are also grateful to Stifel, Nicolaus & Company for running a well‐managed process in helping
select the best buyer for the business.”
Terry Bush, President and CEO of SCS, added, “Bunker Hill provided the type of strategic
leadership that has been critical to our success since being divested by Cookson. Bunker Hill's
proactive approach and financial commitment to growing our business model has been a key
Headquartered in Indianapolis, IN, SCS has 379 employees in nine facilities around the world.
The Company has four locations in the United States: Indianapolis, IN; Clear Lake, WI; Ontario,
CA; and Amherst, NH. In Europe, SCS has locations in Woking, United Kingdom and Dublin,
Ireland. In Asia, the Company has two locations: Tokyo, Japan; and Singapore. In addition,
SCS has a facility in Costa Rica.
Bunker Hill Capital, L.P. is a private equity firm that makes control investments in lower
middle market companies with enterprise values up to $150 million. The firm has offices in
Boston, MA and San Diego, CA. The principals of Bunker Hill Capital have invested over $400
million in 28 transactions and target opportunities across four industry sectors: industrial
products, business services, consumer products, and specialty retail. For more information on
Bunker Hill Capital, please go to www.bunkerhillcapital.com.