Mergers & Acquisitions
January 13, 2021
Polycoat Acquires Chemco
Polycoat Products acquires ChemCo Systems
Highlights
• Brings together ChemCo’s high performance epoxies used in construction
and transportation with Polycoat’s leadership capabilities in industrial,
commercial and residential polyurethanes, polyureas and polyaspartic
technologies.
• Positions Polycoat and ChemCo for domestic and international growth in
polymer solutions for infrastructure applications.
• The combination will focus on tomorrow’s needs for innovative and
sustainable products used in new construction and to extend the lifecycles
of existing buildings, structures and facilities.
Santa Fe Springs, CA and Redwood City, CA, December 29, 2020–American Polymers Corp., dba Polycoat Products, a California company, has acquired ChemCo Systems, Inc. (“ChemCo”), an international leader in high performance construction epoxies. ChemCo will continue to expand
on its current growth opportunities with best-in-class products as an independent subsidiary of Polycoat.
“Acquiring ChemCo is very exciting for Polycoat,” said Ashish Dhuldhoya, Executive Vice President of Polycoat Products. “The addition of ChemCo to our family will expand our ability to provide advanced materials and solutions oriented new products to support the needs of our global
infrastructure partners and customers.”
“The owners of ChemCo unanimously agree that this acquisition is the right strategic direction for ChemCo and will better enable the organization to focus on its core mission of providing superior epoxy construction chemicals worldwide,” said ChemCo Vice President, John Bors.
About ChemCo
ChemCo’s industry leading construction polymer based adhesives (including epoxy injection), grouts and coatings are used on a variety of projectsincluding: Industrial and Commercial (Boeing,
Louisiana Pacific, GE, Sysco, Costco), Public Works (Bureau of Reclamation, the Washington Monument, Department of Energy, U.S. Navy and Air Force installations), Airports (>50 major airports including Hong Kong, Taoyuan Int’l, San Francisco, Sky Harbor, Los Angeles, Denver
and Seattle), Utilities (Con Ed, Arizona Power, PG&E), Sports Stadiums (Fenway Park, Dodger Stadium, Wrigley Field), and Institutional (Oschner Hospital, Holy Name Cathedral).
ChemCo is a world performance leader in modified asphalt performance with its Epoxy Asphalt product, now in its 10th generation. Epoxy Asphalt is used in the most challenging pavement applications forstrategic roads, long span bridges and open graded permeable pavements. Installed
applications have lasted over 50 years with minimal maintenance.
ChemCo has commercialized a unique insulating product developed in collaboration with a DOE laboratory called InsulPOX to serve LNG terminal facilities as well as cryogenic applications as an insulating polymer concrete (IPC) used as secondary containment in trenches and sumps. The
U.S. Navy has specified InsulPOX for use in a new LNG terminal (under construction) to feed a self-sufficient power plant.
ChemCo’s existing staff and management headed by John Bors and Ralph Eisenhut will be reinforced with additional resources and personnel from its new parent, Polycoat. Together with their industry partners and customers, Polycoat and ChemCo expect to deliver transformative
solutions and rapid new product development for global infrastructure applications.
About Polycoat
Polycoat Products was founded in 1979 in El Monte, CA. Manufacturing operations were expanded to Santa Fe Springs, CA with initial product offerings in vehicular and pedestrian deck and fluid-applied below grade waterproofing. Polycoat’s products include tire fill polyurethanes
(PU), polyureas for pickup truck bedliners and industrial coatings, hot and ambient temperature cast PU elastomers, PU prepols, PU adhesives, epoxy decorative flooring, PU spray foam insulation for roofing and walls, recreational and sporting PU binders, and highway and infrastructure polymer solutions.
Polycoat remains a family-owned business with 1 million square feet of manufacturing and R&D space across the United States. Polycoat’s products are renowned for their innovative chemistry, highest quality and responsive technical staff. Polycoat facilities are distinguished for their ISO
9001:2015 quality certifications.
The transaction closed on December 28, 2020. Financial terms of the acquisition were not disclosed.
January 13, 2021
Polycoat Acquires Chemco
Polycoat Products acquires ChemCo Systems
Highlights
• Brings together ChemCo’s high performance epoxies used in construction
and transportation with Polycoat’s leadership capabilities in industrial,
commercial and residential polyurethanes, polyureas and polyaspartic
technologies.
• Positions Polycoat and ChemCo for domestic and international growth in
polymer solutions for infrastructure applications.
• The combination will focus on tomorrow’s needs for innovative and
sustainable products used in new construction and to extend the lifecycles
of existing buildings, structures and facilities.
Santa Fe Springs, CA and Redwood City, CA, December 29, 2020–American Polymers Corp., dba Polycoat Products, a California company, has acquired ChemCo Systems, Inc. (“ChemCo”), an international leader in high performance construction epoxies. ChemCo will continue to expand
on its current growth opportunities with best-in-class products as an independent subsidiary of Polycoat.
“Acquiring ChemCo is very exciting for Polycoat,” said Ashish Dhuldhoya, Executive Vice President of Polycoat Products. “The addition of ChemCo to our family will expand our ability to provide advanced materials and solutions oriented new products to support the needs of our global
infrastructure partners and customers.”
“The owners of ChemCo unanimously agree that this acquisition is the right strategic direction for ChemCo and will better enable the organization to focus on its core mission of providing superior epoxy construction chemicals worldwide,” said ChemCo Vice President, John Bors.
About ChemCo
ChemCo’s industry leading construction polymer based adhesives (including epoxy injection), grouts and coatings are used on a variety of projectsincluding: Industrial and Commercial (Boeing,
Louisiana Pacific, GE, Sysco, Costco), Public Works (Bureau of Reclamation, the Washington Monument, Department of Energy, U.S. Navy and Air Force installations), Airports (>50 major airports including Hong Kong, Taoyuan Int’l, San Francisco, Sky Harbor, Los Angeles, Denver
and Seattle), Utilities (Con Ed, Arizona Power, PG&E), Sports Stadiums (Fenway Park, Dodger Stadium, Wrigley Field), and Institutional (Oschner Hospital, Holy Name Cathedral).
ChemCo is a world performance leader in modified asphalt performance with its Epoxy Asphalt product, now in its 10th generation. Epoxy Asphalt is used in the most challenging pavement applications forstrategic roads, long span bridges and open graded permeable pavements. Installed
applications have lasted over 50 years with minimal maintenance.
ChemCo has commercialized a unique insulating product developed in collaboration with a DOE laboratory called InsulPOX to serve LNG terminal facilities as well as cryogenic applications as an insulating polymer concrete (IPC) used as secondary containment in trenches and sumps. The
U.S. Navy has specified InsulPOX for use in a new LNG terminal (under construction) to feed a self-sufficient power plant.
ChemCo’s existing staff and management headed by John Bors and Ralph Eisenhut will be reinforced with additional resources and personnel from its new parent, Polycoat. Together with their industry partners and customers, Polycoat and ChemCo expect to deliver transformative
solutions and rapid new product development for global infrastructure applications.
About Polycoat
Polycoat Products was founded in 1979 in El Monte, CA. Manufacturing operations were expanded to Santa Fe Springs, CA with initial product offerings in vehicular and pedestrian deck and fluid-applied below grade waterproofing. Polycoat’s products include tire fill polyurethanes
(PU), polyureas for pickup truck bedliners and industrial coatings, hot and ambient temperature cast PU elastomers, PU prepols, PU adhesives, epoxy decorative flooring, PU spray foam insulation for roofing and walls, recreational and sporting PU binders, and highway and infrastructure polymer solutions.
Polycoat remains a family-owned business with 1 million square feet of manufacturing and R&D space across the United States. Polycoat’s products are renowned for their innovative chemistry, highest quality and responsive technical staff. Polycoat facilities are distinguished for their ISO
9001:2015 quality certifications.
The transaction closed on December 28, 2020. Financial terms of the acquisition were not disclosed.
January 13, 2021
PPG to Acquire Versaflex
PPG to Acquire Coatings Manufacturer VersaFlex
January 05, 2021
PITTSBURGH–(BUSINESS WIRE)– PPG (NYSE:PPG) today announced that it has reached a definitive agreement to acquire VersaFlex, a manufacturer specializing in polyurea, epoxy and polyurethane coatings for water and waste water infrastructure, flooring, transportation infrastructure, and industrial applications. VersaFlex is a portfolio company of DalFort Capital Partners. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.
“VersaFlex’s attractive segment mix with strong growth outlook, unique product offering, broad expertise, and manufacturing capabilities in polyurea and flooring coatings will complement and expand upon PPG’s current product offering,” said Ram Vadlamannati, PPG senior vice president, protective and marine coatings (PMC) and president, Europe, Middle East and Africa. “This acquisition supports PPG’s commitment to growing our industry-leading technology portfolio and customer touchpoints.”
VersaFlex is an aggregation of four U.S.-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc., which were acquired by DalFort Capital from 2017-2019. VersaFlex has approximately 130 employees and its full year 2020 revenue is expected to be approximately $70 million. The company operates three manufacturing sites located in Kansas, Oklahoma and Washington.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
About DalFort Capital Partners
DalFort Capital Partners is a sector-focused investment firm based in Dallas, Texas, specializing in partnering with entrepreneurs and management teams in the lower middle market. The company works collaboratively to strengthen a company’s strategic and financial position through operational improvements and acquisitions of complementary businesses. DalFort specialize in identifying and executing strategic add-on acquisitions for our portfolio companies that enhance the company’s relationship with existing customers and expand its reach into new geographies or market niches.
January 13, 2021
PPG to Acquire Versaflex
PPG to Acquire Coatings Manufacturer VersaFlex
January 05, 2021
PITTSBURGH–(BUSINESS WIRE)– PPG (NYSE:PPG) today announced that it has reached a definitive agreement to acquire VersaFlex, a manufacturer specializing in polyurea, epoxy and polyurethane coatings for water and waste water infrastructure, flooring, transportation infrastructure, and industrial applications. VersaFlex is a portfolio company of DalFort Capital Partners. The transaction is expected to close in the first quarter of 2021, subject to customary closing conditions. Financial terms were not disclosed.
“VersaFlex’s attractive segment mix with strong growth outlook, unique product offering, broad expertise, and manufacturing capabilities in polyurea and flooring coatings will complement and expand upon PPG’s current product offering,” said Ram Vadlamannati, PPG senior vice president, protective and marine coatings (PMC) and president, Europe, Middle East and Africa. “This acquisition supports PPG’s commitment to growing our industry-leading technology portfolio and customer touchpoints.”
VersaFlex is an aggregation of four U.S.-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc., which were acquired by DalFort Capital from 2017-2019. VersaFlex has approximately 130 employees and its full year 2020 revenue is expected to be approximately $70 million. The company operates three manufacturing sites located in Kansas, Oklahoma and Washington.
PPG: WE PROTECT AND BEAUTIFY THE WORLD™
At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $15.1 billion in 2019. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.
About DalFort Capital Partners
DalFort Capital Partners is a sector-focused investment firm based in Dallas, Texas, specializing in partnering with entrepreneurs and management teams in the lower middle market. The company works collaboratively to strengthen a company’s strategic and financial position through operational improvements and acquisitions of complementary businesses. DalFort specialize in identifying and executing strategic add-on acquisitions for our portfolio companies that enhance the company’s relationship with existing customers and expand its reach into new geographies or market niches.
December 16, 2020
Lanxess Eyeing Kalama
Lanxess Said to Join Race for $1 Billion Emerald Kalama Chemical
By Kiel Porter , Andrew Marc Noel , and Aaron Kirchfeld December 15, 2020, 11:26 AM EST
- HIG, Rhone, TPG also interested in specialty chemicals firm
- American Securities running auction process for Emerald Kalama
Lanxess AG is among suitors interested in making a bid for private equity-backed Emerald Kalama Chemical, which could sell for around $1 billion, according to people familiar with the matter.
The Cologne, Germany-based chemicals group is working with an adviser on a possible offer for the specialty chemicals company, which is being sold by American Securities, the people said. Emerald Kalama has also attracted interest from buyout firms HIG Capital, Rhone Capital and TPG, the people said, asking not to be identified discussing confidential information.
Representatives for American Securities, Lanxess, Rhone and TPG declined to comment. Representatives for HIG and Emerald Kalama didn’t immediately respond to requests for comment.
A sale of Emerald Kalama, which makes ingredients and preservatives used in foods and cosmetics, would mark American Securities’ exit from Emerald Performance Materials, a diversified group it bought in 2014 and has broken up. Dystar Global Holdings purchased Emerald’s polymer additives unit in 2016, while Huntsman Corp. bought the resin-ingredients business earlier this year.
Under Chief Executive Officer Matthias Zachert, Lanxess is on the hunt for acquisitions. The company has as much as 2 billion euros ($2.4 billion) to pursue dealmaking, Zachert said on an earnings call in November. Emerald Kalama would fit the CEO’s appetite for a higher-margin specialty chemicals asset. The specialty ingredients business being sold by Switzerland’s Lonza Group AG has also attracted interest from Lanxess, Bloomberg News reported last week.
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