Canlak Coatings, a portfolio company of SK Capital Partners, has acquired Ceram-Traz (DBA Ceramic Industrial Coatings).
Ceramic Industrial Coatings is a manufacturer of custom and proprietary water and solvent-based wood coatings as well as other coatings, adhesives, sealants and elastomers (CASE) products. Ceramic Industrial, led by CEO Rob Laubscher, was founded in 1962 and operates a 90,000-square-foot facility in Osseo, Minnesota (headquarters) and a 52,000-square-foot facility in Kansas City, Kansas.
“We are tremendously excited about our future partnership with Canlak Coatings, believing all stakeholders will benefit. Our customers will now have access to additional specialized ultraviolet and low VOC coating technology offered by Canlak Coatings,” said Mr. Laubscher who will continue with the company as US Managing Director, overseeing Canlak’s US operations.
Canlak Coatings is a formulator and manufacturer of wood coating systems for commercial and residential flooring, sports flooring, cabinet, furniture, and wood-focused architectural applications. Canlak’s products include UV-cured and waterborne polyurethanes as well as lacquers and varnishes.
Canlak’s brand names include Absco, CLK, Craftsman’s Choice, Last N Last, Poloplaz, Sampson Coatings, and Wilson Imperial. Canlak, led by CEO Jim Coccagno, is headquartered in North Brunswick, New Jersey, and operates four production facilities across the United States and Canada.
In May 2021, SK Capital acquired and merged Canada-based Canlak and US-based Valentus Specialty Chemicals. Canlak’s acquisition of Ceramic Industrial – its first add-on under SK Capital ownership – advances SK’s strategy to build a larger specialized wood coating systems business.
“The combination of Canlak Coatings and Ceramic Industrial brings together two talented organizations to better serve existing and new customers. The acquisition greatly enhances Canlak Coatings’ focus in U.S. OEM coatings, an area of significant investment and growth for the company,” said Mr. Coccagno. “Rob Laubscher has built a tremendous organization and we look forward to our partnership and his continued leadership as US Managing Director of Canlak’s operations.”
“The addition of Ceramic Industrial Coatings to the Canlak platform significantly enhances the company’s leading position in the North American OEM wood coatings market,” said Jon Borell, a managing director of SK Capital. “The combined company will utilize a broader technology base in conjunction with an agile, solutions-oriented service model to support customers in our markets.”
SK Capital invests in the specialty materials, chemicals, and pharmaceutical sectors and typically invests equity of $100 million to $200 million in each portfolio company. In February 2019, the firm held a final closing of SK Capital Partners Fund V LP with total capital of $2.1 billion. SK Capital is currently raising its sixth fund with a $2.75 billion target and a $3.5 billion hardcap. SK Capital was co-founded by Barry Siadat and Jamshid Keynejad and is based in New York City.
Northborne Partners was the financial advisor to Ceramic Industrial on this transaction.
© 2023 Private Equity Professional | May 9, 2023
