Pacon Corporation, a supplier of education and arts & crafts products, has acquired Princeton Artist Brush Co. Pacon has been a portfolio company of Mason Wells since November 2011.
Princeton Artist Brush manufactures and distributes worldwide and is the No. 1 supplier of fine art brushes in North America. The company’s brushes are sold at retailers such as Michaels, A.C. Moore and Hobby Lobby, as well as at traditional mom-and-pop art supply stores both domestically and internationally. Other products include brushes and silicone tools for cake decoration, pottery making and cosmetics application. Princeton Artist Brush was founded in 1992 by Howard Kaufman and is based in Princeton, NJ (www.princetonbrush.com).
Under Pacon ownership, the company will remain in New Jersey under the oversight of Mr. Kaufman and the company’s representatives, marketing & technical experts and warehouse will also remain in Princeton.
Pacon, acquired by Mason Wells from The Van Hoof Companies in November 2011, is a provider of educational and arts & crafts products marketed through retailers, educational distributors, and wholesalers. Pacon sells its products into the school and art markets. In the school market, Pacon is a converter and marketer of consumable school supplies sold under numerous brands, including Peacock, Tru-Ray, and Fadeless to the K-6 market. In the art market, Pacon is a converter and marketer of art papers sold primarily under the Strathmore Artist Papers brand to student, professional, and recreational artists. Pacon was founded in 1951 and is led by Jim Schmitz, President and CEO. The company is based in Appleton, WI (www.pacon.com) (www.strathmoreartist.com).
“This transaction is about bringing two respected brands together with Strathmore Artist Papers and Princeton Artist Brush,” said Mr. Schmitz. “Howard has done an amazing job of building a premier company known throughout the artist community for its iconic fine art brushes. We look forward to working with Howard as he continues to deliver exceptional artist brushes with a focus on outstanding customer service and innovation. The mission and vision of our two brands align perfectly.”
“Mason Wells was pleased to support Pacon in its acquisition of Princeton,” said Chris Pummill, a Director of Mason Wells. “The acquisition fits perfectly with Pacon’s strategy of acquiring complementary art & craft product lines that serve the same retailers and consumers.”
Mason Wells makes investments in Midwest-based companies with revenues of $25 million to $300 million and EBITDAs of $5 million to $30 million. Sectors of interest include consumer packaged goods; packaging materials and converting; outsourced business services; and engineered products and services. In February 2016, Mason Wells held a final closing of Mason Wells Buyout Fund IV and its related Executive Buyout Fund IV with total commitments of $615 million. The firm was founded in 1998 and is based in Milwaukee (www.masonwells.com).
“This was a good time for me to do what’s best for both my family and the business. And, I get to do what I love by continuing to oversee Princeton Artist Brush and taking care of our customers,” said Mr. Kaufman. “Strathmore has an excellent reputation and is highly regarded in the industry. They are a perfect fit for Princeton. We are synergistic when it comes to principles and values such as innovation, listening to and inspiring the artist community.”
Debt financing for the transaction was provided by members of Pacon’s existing lender group which is led by US Bank.
© 2018 Private Equity Professional | January 19, 2018
