ShoreView has sold Oklahoma City-based Milamar Coatings LLC, a provider of protective floor coatings, to VersaFlex Inc. No financial terms were disclosed.
ShoreView is pleased to announce the sale of Milamar Coatings, LLC (“Milamar”) to VersaFlex Incorporated. ShoreView partnered with Milamar through a recapitalization in July 2012.
Prior to ShoreView’s investment, Milamar was a traditional “family business”. The owner of Milamar was seeking to both diversify his personal net worth and find a partner to help him achieve the next phase of the company’s growth. ShoreView structured a transaction that:
Provided liquidity to the owner while enabling him to maintain a meaningful ownership position
Provided ample financial resources to support management’s growth plan
Allowed the owner to execute a planned transition from day-to-day management and into a board role
ShoreView then worked with Milamar to:
Complete two add-on acquisitions which expanded the company into new end-markets
Divest non-core operations to focus the business and production on its primary end-markets
Hire new leadership into the CEO role
About Milamar Coatings, LLC
Milamar is a formulator and manufacturer of specialty chemicals with a focus on complex industrial composites, adhesives, and polymer coatings. The Company serves a diverse customer base across a variety of end markets including automotive, marine, aerospace, defense, electronics, floor coatings, construction, and infrastructure repair.
About ShoreView Industries
ShoreView Industries, based in Minneapolis, MN, manages $900 million in private equity funds. ShoreView invests in established, middle-market companies with operations in North America, across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization, and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.