RPM Buys South African Paint Leader
Based outside Johannesburg, South Africa, Spraymate has annual net sales of about $5 million.
Terms of the transaction, which RPPM expects to be accretive to earnings within one year, were not disclosed.
Spraymate was established in 1989 by Andre du Plessis and Gordon Howell, who left their own paint company when it was bought out to start a new venture, according to Spraymate's website.
Today, backed by a nationwide distribution network, Spraymate manufactures decorative acrylics and enamels under the Spraymate brand; marking paints for the mining industry under the Mine Mate brand; industrial lubricants and paint removers.
The company also makes specialty industrial enamels for engines, pipes and other high-temperature surfaces as well as finish spray paint for furniture, machines, tools and similar applications.
Managing director Warren Howell, son of one of Spraymate's founders, will join RPM with the company's transition.
"This acquisition gives Rust-Oleum, which has been building its presence in South Africa by importing products, the opportunity to utilize Spraymate's manufacturing and distribution capabilities," said Frank C. Sullivan, RPM chairman and chief executive officer.
Based near Johannesburg, Spraymate Group boasts a nationwide distribution network that will expand Rust-Oleum's presence in South Africa.
"Spraymate will benefit from Rust-Oleum's product innovation, marketing capabilities and category management."
RPM International Inc. is a holding company that owns dozens of the world's best-known brands of specialty coatings, sealants, building materials and related services for industrial and consumer markets.
RPM's industrial companies include Stonhard, Tremco, Carboline, Flowcrete and Dryvit. In addition to Rust-Oleum, consumer brands include DAP, Zinsser, and Varathane.