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Valentus Specialty Chemicals Completes Second Acquisition
Detroit, MI – April 14, 2016 – Huron Capital Partners LLC (“Huron Capital”) today announced its specialty coatings ExecFactor® platform, Valentus Specialty Chemicals, Inc. (“Valentus”), has acquired the floor finishes business of Memphis, TN-based Precision Technology LLC. (“Precision”). Huron Capital formed Valentus in partnership with coatings industry veterans Ray Chlodney, John Ragazzini and Bob Taylor to pursue a buy-and-build initiative in the industrial coatings sector. Valentus closed its first investment in December 2015 with the acquisition of coatings manufacturer National Paint Industries (“NPI”).
Precision’s floor coating business has a proven acid cure floor coating system which includes the Swedish Finish & Swedish Crown product lines and the Precision Polyurethane oil-based finish. Lanny Trottman, founder and owner of Precision, will retain ownership of Precision’s wood filler and wood patch products, maintenance products, and roller and brush products, which are not part of the transaction. The floor coating business will move to NPI’s facility in North Brunswick, New Jersey.
Valentus CEO Chlodney said, “The NPI team has known Precision for a long time and has always thought highly of the business. We are excited to add these products to the Valentus lineup as we look to expand our presence in the floor coatings market. In partnership with Huron Capital, we are actively looking for additional complementary coatings companies as we continue to grow the Valentus platform.”
Mike Beauregard, Senior Partner at Huron Capital, added, “This is the type of strategic add-on acquisition we envisioned when we created the Valentus ExecFactor® initiative, and we are pleased that it came less than four months after the first Valentus investment. We are excited about partnering with Ray, John and Bob, and will be looking to expand Valentus into additional geographies and new product lines.”
Certain information herein may contain forward-looking statements which are provided to assist the reader in understanding the beliefs and opinions with respect to future opportunities as perceived by Huron Capital and others quoted herein. These statements are not guarantees of future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance in future periods to differ materially from any projections or results expressed or implied by such forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The issuer of these statements undertakes no obligation to update forward-looking statements if circumstances or estimates or opinions should change except as may be required by applicable securities laws.
