PPG Completes Acquisition of VersaFlex
Last month, global coatings supplier PPG (Pittsburgh) announced that it had completed its acquisition of coatings manufacturer VersaFlex from Dalfort Capital Partners.
The news arrives just after the company announced its intentions in January.
VersaFlex is an aggregation of four U.S.-based protective coatings companies, consisting of legacy VersaFlex, Raven Lining Systems, Milamar Coatings and Specialty Products, Inc. It is a portfolio company of DalFort Capital Partners, which previously acquired the aggregation from 2017-19.
According to the press release, VersaFlex is a coatings manufacturer specializing in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure and industrial applications. The company operates three manufacturing sites located in Kansas, Oklahoma and Washington.
“VersaFlex’s attractive segment mix with strong growth outlook, unique product offering, broad expertise and manufacturing capabilities in polyurea and flooring coatings will complement and expand upon PPG’s current product offering,” Ram Vadlamannati, PPG Senior Vice President, Protective and Marine Coatings and President, Europe, Middle East and Africa, said at the time.
“This acquisition supports PPG’s commitment to growing our industry-leading technology portfolio and customer touchpoints.”
Currently, VersaFlex employs approximately 130 employees and its full year 2020 revenue is expected to be approximately $70 million.
Financial terms of the acquisition were not disclosed.