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.« Previous Post Next Post »