Roman Products, a portfolio company of Salt Creek Capital, has been acquired by Matrix Adhesives Group, a portfolio company of Goldner Hawn.
Roman Products is a manufacturer of wallcovering adhesives, primers and sealers, removers, and related tools used by professionals and do-it-yourselfers. According to the company, it is largest producer of wallpaper adhesive, primer, and removers in North America.
Roman, led by President Gino Torres, was founded in 1947 and is headquartered near Chicago in Calumet City, Illinois. Salt Creek acquired Roman Products in November 2013.
“First word that comes to mind is grateful, as our partnership with Salt Creek exceeded our expectations on all fronts,” said Mr. Torres. “Their team and our board of directors were incredibly supportive throughout, including during challenging periods such as the COVID pandemic. We look forward to our next stage of growth with Goldner Hawn and Matrix Adhesives Group.”
In November 2021, Goldner Hawn partnered with industry veteran Dan Horner to form Matrix and acquire Guy Chemical, a Pennsylvania-based maker of silicone sealants, greases, and epoxy adhesives, and Nuco, an Ontario-based maker of sealants, foams, firestops, and adhesives. Later add-on acquisitions include Lohnpack (March 2022), Adaseal International (April 2022), and NewStar Adhesives (September 2023).
Today, Matrix is a provider of adhesive and sealant products used in both industrial and consumer markets. Their products include thread lockers, epoxy adhesives, dielectric lubricants, high-temperature silicones, and hybrid adhesives used in construction, automotive, and electrical applications. Matrix also offers custom blending, formulating, and private label manufacturing services, allowing customers to sell products under their own brands. Matrix is headquartered in Columbus, Ohio, and is led by CEO Dennis Johnson.
“This acquisition marks a milestone for the next chapter of Matrix Adhesives Group,” said Mr. Johnson. “Roman Products brings years of expertise and high-quality solutions in wallcovering adhesives. The combined offerings of Matrix and Roman Products deliver the same great products customers have come to expect, with the added benefit of Matrix’s extensive product and packaging offerings.”
“During our ownership, Roman Products has achieved remarkable success, solidifying its position as the market leader in wallcovering adhesives,” said Dan Mytels, a managing partner at Salt Creek. “The company’s dedication to innovation, customer service, and operational excellence has been instrumental in driving its growth and profitability. We are incredibly proud of the accomplishments achieved by the Roman Products team and are confident the company is well-positioned for continued success with Matrix.”
Salt Creek invests in North American-headquartered companies that have revenues of $5 million to $150 million. Sectors of interest include manufacturing, logistics, value-added distribution, B2B and B2C services, food and beverage, healthcare, retail, and hospitality. The firm is headquartered near Menlo Park in Woodside, California.
“The Roman Products team has built a truly exceptional business,” said Tyler Romrell, a director at Salt Creek. “We are thankful for the opportunity to have partnered with Gino and his team on this journey. We are confident that the company will continue to thrive with Matrix.”
Goldner Hawn invests from $10 million to $30 million in companies that have EBITDA of $5 million to $20 million. Sectors of interest include specialty manufacturing, value added distribution, consumer products and services, and outsourced business services. Since its founding in 1989, the firm has made over 100 platform and add-on investments with total transaction values exceeding $4 billion. Minneapolis-headquartered Goldner Hawn is led by partners Jason Brass, Chad Cornell, Joe Heinen, Pete Settle, and Andrew Tomashek.
In April 2024, Goldner Hawn held an above target close of its eighth investment fund with $364 million in capital commitments. To date, Fund VIII has completed three platform investments and eight add-on acquisitions.
© 2025 Private Equity Professional | January 9, 2025
