The North American architectural coatings business of PPG Industries has reached an agreement to acquire The Homax Group, a supplier of decorative wall and ceiling texture repair products. Homax is a portfolio company of Olympus Partners. The transaction is expected to close in the third quarter.
Homax is a supplier of decorative aerosol drywall and ceiling texturing applications utilized primarily for home repair. In addition, it supplies various epoxy finishes, patching, caulking and mesh tape repair products, and other painting tools and accessories. The company’s products are sold through major home improvement centers, hardware stores and paint suppliers. Homax is based in Bellingham, WA (www.homaxgroup.com).
“Homax products represent a new and unique offering for our customers,” said Scott Sinetar, PPG vice president, architectural coatings, North America. “The acquisition supports our continuing commitment to providing professional and do-it-yourself customers with leading coatings and related home remodeling and repair products.”
PPG Architectural Coatings is a provider of residential and commercial coatings and products. The business produces paints, stains and specialty coatings and products marketed under well-recognized lines such as FLOOD®, GLIDDEN®, LIQUID NAILS®, MANOR HALL®, OLYMPIC®, PPG PITTSBURGH PAINTS®, PPG PORTER PAINTS®, PPG Paints and SIKKENS® brands. Its distribution network includes more than 900 company-owned stores, more than 5,000 independent dealer locations and all major home improvement centers.
Founded in 1883, PPG has global headquarters in Pittsburgh and operates in nearly 70 countries around the world. Net sales in 2013 were $15.1 billion. PPG shares are traded on the New York Stock Exchange under the symbol PPG (www.ppg.com)
Olympus Partners, with $5 billion of capital under management, provides equity capital for middle market management buyouts and for companies needing capital for expansion. Sectors of interest include consumer products, healthcare, financial services and business services. The firm was founded in 1988 and is based in Stamford, CT (www.olympuspartners.com).
2014 PEPD • Private Equity’s Leading News Magazine • 6-6-14