Rust-Oleum, Laticrete Ink Acquisitions
Newly announced corporate takeovers will expand the coatings portfolios of two well-known industry players.
RPM International and its Rust-Oleum Corp. group have announced the acquisition of Citadel Restoration and Repair Inc., a manufacturer of specialty concrete and wood deck floor coatings, based in North St. Paul, MN.
Citadel, with annual sales of approximately $10 million, is a maker of coatings systems for the professional and do-it-yourself markets. Specifically, the company’s Citadel brand is marketed to professional contractors, while its Rock Solid brand is targeted to the DIY market.
Citadel also offers a premium line of Rock Solid brand exterior wood care products, according to Rust-Oleum.
The company’s products have been installed in more than 15 countries and on projects that range from high-end grocery stores to major automotive service centers, according to Citadel.
Terms of the deal, announced Wednesday (Jan. 22), were not disclosed.
“Citadel has outstanding technology that we are excited to bring to our customers both in consumer and industrial markets,” Tom Reed, president of Rust-Oleum, said in a statement.
The acquisition will add to Rust-Oleum's lineup of existing concrete floor coatings.
Patrick Ilfrey, former owner of Citadel, will continue to lead the Citadel business as part of Rust-Oleum.
Based in Vernon Hills, IL, Rust-Oleum, a subsidiary of RPM International Inc., offers paints, primers, specialty coatings and wood-care products sold under brand names such as Rust-Oleum, Stops Rust, Painter's Touch, Varathane, Zinsser, Modern Masters, and Watco.
For Laticrete, the acquisition of L&M will expand the company's presence in the restoration and decorative concrete category. L&M produces a diverse line of concrete construction chemicals, including coatings, sealers, construction grouts, patch and repair mortars, and color hardeners for polished concrete.
Laticrete's broad portfolio includes an extensive line of crack suppression, waterproofing, sound control, floor warming, adhesives and other building products sold under the brands Laticrete, Latapoxy, Spectralock, Hydro Ban, Drytek and Permacolor.
|Laticrete (left); L&M Construction Chemicals|
Laticrete's portfolio includes (left) a wide range of building products. L&M produces (right) coatings, sealers, color hardeners and other construction chemical products.
Both companies are family owned and date back at least five decades.
For Laticrete, the deal provides "access to some of the most innovative decorative and restoration products on the market," said Chairman and CEO David A. Rothberg. The acquisition, he added, "strengthens Laticrete and the L&M brands alike."
L&M said the acquisition would leverage Laticrete's nationwide manufacturing network, sales team, global R&D capabilities, and access to global markets.
L&M's product lines will continue to carry the L&M name under the Laticrete corporate brand.