Quest Specialty Chemicals has sold its automotive and industrial products businesses to The Valspar Corp. No financial terms were disclosed. Quest is backed by Audax Private Equity and Moelis Capital Partners.
CHARLESTON, S.C–(BUSINESS WIRE)–Quest Specialty Chemicals has completed the sale of the Quest Automotive Products and Quest Industrial Products businesses to The Valspar Corporation. The two divisions account for approximately $190 million in sales of specialty coatings in the automotive, transportation and industrial markets. Financial terms are not being disclosed.
“Over the past several years we have successfully built strong teams and grown these businesses into leadership positions in their markets. I’m very pleased that in Valspar we have a buyer who can continue to build the business, brands and customer relationships,” said Doug Mattscheck, president and CEO of Quest Specialty Chemicals.
QAP manufactures automotive refinish coatings, fillers, putties, and other accessories primarily under the Matrix®, Pro-Spray®, and USC® brands globally, and QIP serves both the professional and consumer markets with aerosol spray products and coatings for industrial applications under the Patriot®, Raabe® and Precision Color® brands.
“Our brands are well recognized and respected, and they compete favorably with premium brands in performance and color-matching at a better value,” said Mattscheck. “They will be a good complement to Valspar’s product range.”
Quest previously announced that it was actively seeking new ownership with the blessings of its equity partners, Audax Private Equity and Moelis Capital Partners. Quest retains ownership of the Quest Construction Products business, which makes and sells roofing systems, reflective coatings for buildings and pavement coatings for the construction market.
About Quest Specialty Chemicals
Quest Specialty Chemicals formulates, manufactures and markets coatings engineered to repair, restore and preserve customer assets. 2014 Sales of $250 million made it a top 12 North American and top 50 global coatings company. Its headquarters are in Charleston, SC. For more information about Quest Specialty Chemicals, visit www.Quest-SC.com.