Quest Specialty Chemicals has completed the sale of the Quest Automotive Products and Quest Industrial Products businesses to The Valspar Corporation. Quest Specialty Chemicals is a portfolio company of Audax Private Equity and Moelis Capital Partners and had been marketing itself and seeking new ownership.
Quest Automotive Products (QAP) and Quest Industrial Products (QIP) account for approximately $190 million in annual sales of specialty coatings to the automotive, transportation and industrial markets. QAP manufactures automotive refinish coatings, fillers, putties, and other accessories primarily under the Matrix, Pro-Spray, and USC brand names. QIP serves both the professional and consumer markets with aerosol spray products and coatings for industrial applications under the Patriot, Raabe and Precision Color brand names.
“Over the past several years we have successfully built strong teams and grown these businesses into leadership positions in their markets. I’m very pleased that in Valspar we have a buyer who can continue to build the business, brands and customer relationships,” said Doug Mattscheck, president and CEO of Quest Specialty Chemicals.
With the sale of these two businesses, Quest – and in turn Audax and Moelis – retains ownership of the Quest Construction Products (QCP) business, which manufactures and markets roofing systems, reflective coatings for buildings, and pavement coatings for the construction market. QCP is headquartered in Charleston, SC (www.quest-cp.com).
2015 PEPD • Private Equity’s Leading News Magazine • 6-2-15
