Artemis Capital Partners has acquired R.M. Lucas Company (RM Lucas), a manufacturer of coatings, sealants and adhesives.
RM Lucas’ branded products are used in roof repair and restoration and are sold through distributors in the United States, Canada, Mexico and the Caribbean. The company is headquartered near Chicago in Alsip, Illinois.
RM Lucas was founded by Robert M. Lucas in 1912 as a maker of asphalt and oil-based paints and was acquired in 1954 by Union Chemical and Oil, a manufacturer of roof coatings and waterproofing chemicals owned by Lawrence Barry. In 1990, Union Chemical and Oil began operating as the R.M. Lucas Company. In 1995, third-generation family member Rob Barry began leading the company as its CEO.
“For the last 25 years, our team has worked to grow this business from a very small company to what it is today,” said Mr. Barry. “I’m very proud of the team and how we’ve served our customers with a differentiated product approach. To meet the customer demand and continue to develop our organization, I believe that Artemis is the best strategic partner to grow and support this organization. From day one, their enthusiasm for the business was unmatched.”
“I truly can’t say enough about the Barry family and the business that they’ve built,” said Olly Forrer, a vice president at Artemis and the leader of the RM Lucas transaction. “We’re excited to partner with Rob and our new teammates to strategically build the middle market leader of roof repair and restoration coatings. RM Lucas’ exceptional product depth and customer-centric focus make it the ideal platform to serve increasing demand in the roof repair and restoration market.”
Boston-based Artemis invests in companies with revenues of $5 million to $50 million and EBITDA of $1 million to $10 million. Target companies include manufacturers of differentiated industrial technologies in the aerospace, automotive, defense, energy, industrial automation, scientific and research, and medical sectors.
“RM Lucas’ formulated coatings fit perfectly within the Artemis Specialty Chemicals and Advanced Materials segment,” said Peter Hunter, a managing director at Artemis. “Additionally, it represents yet another Artemis portfolio company serving acyclical, high conviction end markets with technological innovation and quality customer service. We’re honored to partner with Rob and the RM Lucas team.”
Deloitte Corporate Finance was the financial advisor to RM Lucas on this transaction.
© 2021 Private Equity Professional | November 4, 2021
