Huron's Valentus Specialty Chemicals acquires Precision Technology
US-based Huron Capital Partners' Valentus Specialty Chemicals (Valentus) has acquired the floor finishes business of Tennessee-based Precision Technology (Precision).
Valentus was formed by Huron Capital in partnership with coatings industry veterans Ray Chlodney, John Ragazzini and Bob Taylor to pursue a buy-and-build initiative in the industrial coatings sector.
It is reported that the Precision Technology deal is the second for Huron's ExecFactor Platform focused on specialty coatings
Last December, Valentus closed its first investment with the acquisition of coatings manufacturer National Paint Industries (NPI).
Precision's floor coating business has an acid cure floor coating system, which includes the Swedish Finish & Swedish Crown product lines and the Precision Polyurethane oil-based finish.
Valentus CEO Chlodney said: "The NPI team has known Precision for a long time and has always thought highly of the business.
"We are excited to add these products to the Valentus lineup as we look to expand our presence in the floor coatings market. In partnership with Huron Capital, we are actively looking for additional complementary coatings companies as we continue to grow the Valentus platform."
As part of the acquisition, Precision founder and owner Lanny Trottman will retain ownership of the company's wood filler and wood patch products, maintenance products, and roller and brush products, which are not part of the transaction.
The deal will see the floor coating business move to NPI's facility in North Brunswick, New Jersey.
Huron Capital senior partner Mike Beauregard said: "This is the type of strategic add-on acquisition we envisioned when we created the Valentus ExecFactor initiative, and we are pleased that it came less than four months after the first Valentus investment.
"We are excited about partnering with Ray, John and Bob, and will be looking to expand Valentus into additional geographies and new product lines."