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California Paints Acquires Progress Paint

Tuesday, September 15, 2009

California Products Corp., an Apollo Capital Management portfolio company, acquired the customer base and certain assets of Progress Paint Manufacturing Co.  The acquisition includes certain Progress Paint brands and product lines, including Gray Seal®, Fixall®, Duralux®, Marine, and other associated lines. 

Progress Paint, founded in 1912 and headquartered in Louisville, KY, manufactures paints and coatings sold exclusively through independent dealers in more than 20 states.  Progress recently consolidated its Gray Seal and Kurfees® brand under the Gray Seal Paint label.

California Products said the acquisition offers opportunities for expansion of brands and product lines while reinforcing the company’s commitment to the independent dealer. “This acquisition provides an opportunity to leverage our skilled work force and state of the art manufacturing facility,” said Peter Longo, the company’s chairman and CEO. “This transaction offers a strategic fit that will add complementary products, brands, geographies, and distribution channels.”

A number of Progress Paint employees will join California Products in sales and sales management, customer service, and distribution capacities, California Products said. The acquired brands and customer base will be managed by Noel Booker, former Progress Paint president.

Rob Bittencourt of Apollo Capital Management said the firm strongly supports California Products’ plan to expand “within the architectural coatings market” and believes the transaction “will further this goal.”

Based in Andover, MA, California Products is the manufacturer of the California Paints® and Storm Stain® architectural coatings brands, including 2010® and Fres-Coat® Velvet Flat, a top-rated house paint in analyses conducted by a major consumer magazine. The company’s Recreational Products Division is reported to be the world’s largest producer of acrylic athletic surfacing materials, primarily for tennis and running tracks. The company says its DecoTurf® and Plexicushion® tennis surfacing products are used at facilities that host the U.S. Open and Australian Open.

Fiberlock Technologies®, a California Products subsidiary, offers comprehensive product lines for mold remediation and lead and asbestos encapsulation.