Valentus Specialty Chemicals Inc, which is backed by Huron Capital Partners LLC, has acquired New Rochelle, New York-based Paint Over Rust Products Inc’s wood floor finishes business. No financial terms were disclosed. In addition to the deal, David Sherman, CEO and owner of POR Products, has been added to Valentus’ board of directors.
DETROIT, Aug. 11, 2016 /PRNewswire/ — Huron Capital Partners LLC (“Huron Capital”) today announced that its portfolio company, Valentus Specialty Chemicals, Inc. (“Valentus”), has acquired the wood floor finishes business of New Rochelle, NY-based Paint Over Rust Products, Inc. (“POR Products”, f/k/a Absolute Coatings, Inc.). The wood floor finishes business will continue to operate as Absolute Coatings, Inc. (“Absolute”). This transaction represents the third acquisition for Valentus, an ExecFactor® initiative launched by Huron Capital and coatings industry veterans Ray Chlodney, John Ragazzini and Bob Taylor.
A family-owned business founded in 1923, Absolute manufactures high performance, environmentally friendly wood floor finishes primarily under the ABSCO, Last-n-Last, and TREK-Plus brands. A leading manufacturer of waterborne coatings, Absolute adds technological expertise to the Valentus platform along with expanded distribution in the Northeast and Mid-Atlantic regions. As part of the transaction, David Sherman, CEO and owner of POR Products, will join Valentus’ Board of Directors.
“We believe the partnership with Absolute will significantly enhance our growth trajectory,” said Ray Chlodney, CEO of Valentus. “ABSCO, Last-n-Last, and TREK-Plus are premium brands with differentiated technologies and excellent growth opportunities, and they’re a great complement to our existing portfolio of brands at National Paint Industries (NPI). We are eager to work with David as we seek to build on the legacy that he and his family have established in the marketplace.”
“I believe Valentus is the ideal partner to guide Absolute through its next phase of growth,” said Sherman. “Valentus is committed to preserving Absolute’s family of brands, and they are investing in resources that will strengthen our distribution, product innovation and ability to serve our customers.”
“We believe Absolute is a phenomenal addition to Valentus’ portfolio, and we are fortunate to add David to Valentus’ dynamic leadership team,” said Mark Miller, Vice President at Huron Capital. “With three acquisitions in eight months, the Valentus buy-and-build model is progressing in line with our expectations. We will continue to work with our leadership team to identify and pursue strategic acquisitions as we seek to grow the Valentus platform.”
About Huron Capital Partners LLC
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.1 billion in capital through four committed private equity funds and invested in over 120 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both majority and less-than-majority equity stakes in fundamentally-sound companies that can benefit from the firm’s operational approach to creating value. Huron Capital’s sector focus includes business services, consumer products & services and specialty manufacturing. For more information, please visit www.huroncapital.com.