Valspar to Acquire Performance Coating Business
May 27, 2015—The Valspar Corporation announced Wednesday that it has reached a definitive agreement to acquire the performance coating businesses of Quest Specialty Chemicals Inc., which includes automotive refinish brands Matrix, USC and Prospray.
The transaction is expected to close in the company’s third fiscal quarter and is subject to closing conditions.
With sales of approximately $190 million in 2014, the segments to be acquired from Quest include a smaller industrial products business, in addition to the automotive refinishes business.
Quest Automotive Products formulates, manufactures and distributes a complete line of advanced technology paints, coating systems and accessories to professional refinishers under the brands of Matrix, USC and Prospray. Quest serves both professional and consumer markets with aerosol spray products and highly-specified coatings industrial applications under the Patriot, Precision Color and Raabe brands.
“The acquisition strengthens Valspar’s value proposition in automotive refinish,” said Gary Hendrickson, Valspar chairman and chief executive officer. “Our customers will benefit from expanded distribution of a portfolio of preferred brands they know and trust, a broader range of high-performance products and a stronger service network. We are pleased to welcome the Quest team to the Valspar family to help deliver these benefits to our customers.”
Valspar has multiple approvals from OEMs, including Ford, General Motors, Chrysler, Mazda and Toyota.