DETROIT, April 14, 2016 /PRNewswire/ -- Huron Capital Partners LLC ("Huron Capital") today announced its specialty coatings ExecFactor® platform, Valentus Specialty Chemicals, Inc. ("Valentus"), has acquired the floor finishes business of Memphis, TN-based Precision Technology LLC. ("Precision"). Huron Capital formed Valentus 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. Valentus closed its first investment in December 2015 with the acquisition of coatings manufacturer National Paint Industries ("NPI").
Precision's floor coating business has a proven acid cure floor coating system which includes the Swedish Finish & Swedish Crown product lines and the Precision Polyurethane oil-based finish. Lanny Trottman, founder and owner of Precision, will retain ownership of Precision's wood filler and wood patch products, maintenance products, and roller and brush products, which are not part of the transaction. The floor coating business will move to NPI's facility in North Brunswick, New Jersey.
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."
Mike Beauregard, Senior Partner at Huron Capital, added, "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."
About Huron Capital Partners LLC
Based in Detroit, Huron Capital is an operationally-focused private equity firm with a long history of growing lower middle-market companies through our proprietary ExecFactor® buy-and-build investment model. We prefer complex situations where we can help companies reach their full potential by combining our operational approach, substantial capital base, and transaction experience with seasoned operating executives. Founded in 1999, Huron Capital has raised over $1.1 billion in capital through four committed private equity funds and invested in over 100 companies, and our portfolio companies have employed over 11,000 people throughout North America. The Huron Capital buy-and-build investment model includes equity recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million. Huron Capital targets both majority and less-than-majority equity stakes in fundamentally-sound companies that can benefit from the firm's operational approach to creating value. Huron Capital's sector focus includes business services, consumer products & services, specialty manufacturing and healthcare. For more information, please visit www.huroncapital.com.
SOURCE Huron Capital Partners LLC