PPG Completes Acquisition of Coatings Manufacturer VersaFlex

Rhea-AI Summary

PPG (NYSE: PPG) has successfully completed the acquisition of VersaFlex from DalFort Capital Partners. VersaFlex specializes in protective coatings for various industries, including water and wastewater infrastructure and industrial applications, boasting an annual revenue of approximately $70 million in 2020. The consolidation includes four companies—legacy VersaFlex, Raven Lining Systems, Milamar Coatings, and Specialty Products, Inc.—and has around 130 employees across three manufacturing sites in Kansas, Oklahoma, and Washington. Financial terms of the deal remain undisclosed.

Positive

• Strategically enhances PPG's portfolio in the protective coatings sector.
• Approximately $70 million in annual revenue boosts PPG's market position.
• Consolidation of four companies increases operational scale and market reach.

Negative

• None.

PPG (NYSE:PPG) today announced that it has completed its acquisition of VersaFlex from DalFort Capital Partners. VersaFlex specializes in polyurea, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications. Financial terms were not disclosed.

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. The company has approximately 130 employees and three manufacturing sites located in Kansas, Oklahoma and Washington. Its full year 2020 revenue was approximately $70 million.

PPG: WE PROTECT AND BEAUTIFY THE WORLD™

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

About DalFort Capital Partners

DalFort Capital Partners is a sector-focused investment firm based in Dallas, Texas, specializing in partnering with entrepreneurs and management teams in the lower middle market. The company works collaboratively to strengthen a company's strategic and financial position through operational improvements and acquisitions of complementary businesses. DalFort specialize in identifying and executing strategic add-on acquisitions for our portfolio companies that enhance the company's relationship with existing customers and expand its reach into new geographies or market niches.

We protect and beautify the world is a trademark and the PPG Logo is a registered trademark of PPG Industries Ohio, Inc.

CATEGORY Protective and Marine Coatings

View source version on businesswire.com: https://www.businesswire.com/news/home/20210222005060/en/

FAQ

What did PPG announce regarding VersaFlex?

PPG announced the completion of its acquisition of VersaFlex, enhancing its protective coatings portfolio.

What is the revenue of VersaFlex?

VersaFlex reported approximately $70 million in revenue for the year 2020.

How many employees does VersaFlex have?

VersaFlex has around 130 employees in total.

Which companies are included in the VersaFlex acquisition?

The acquisition includes legacy VersaFlex, Raven Lining Systems, Milamar Coatings, and Specialty Products, Inc.

What markets does VersaFlex serve?

VersaFlex specializes in coatings for water and wastewater infrastructure, flooring, transportation infrastructure, and industrial applications.