MPE Partners has acquired DecoArt, a manufacturer of paints and finishes used in arts, crafts, and home decorating applications.
DecoArt manufactures acrylic paints and finishes used by artists, crafters and do-it-yourself (DIY) home decorators. In the United States, the company’s products are sold through all major arts and craft retail chains and independent art and craft retailers, DIY chains, and DIY retailers. Internationally, DecoArt sells to wholesale distributors and its products are available in more than seventy countries.
In addition to its paint products, DecoArt operates a division that provides materials and services to retailers and independent consultants to support the hosting of social “artworking” parties in homes and clubs. DecoArt was founded in 1985 and is headquartered in Stanford, Kentucky with an additional facility in Lexington, Kentucky.
MPE partnered with DecoArt’s founder and president, Stan Clifford, and other members of the company’s senior management team including incoming CEO, Jonathan Kane. Mr. Kane is the former CEO of specialty polymer producer Polytek, a former portfolio company of MPE which was sold to Arsenal Capital Partners in October 2018.
“I am excited to join the DecoArt team and build upon the strong culture that Stan has created over the last four decades,” said Mr. Kane. “We are excited to utilize MPE’s resources and capabilities to support DecoArt’s next phase of growth.”
Post-closing, Mr. Clifford will be transitioning his day-to-day operating responsibilities to Mr. Kane but will remain involved in evaluating add-on acquisition opportunities for the company and he will continue as a member of DecoArt’s board of directors.
“We are looking forward to partnering with Stan, Jonathan, and the DecoArt team to build upon the company’s strong brand name and execute on attractive organic and inorganic growth strategies,” said Joe Machado, a partner at MPE.
Cleveland and Boston-based MPE invests in lower middle-market companies that are valued up to $250 million and have EBITDA of at least $5 million. Sectors of interest include high-value manufacturing, and commercial and industrial services.
© 2021 Private Equity Professional | October 19, 2021
