Milwaukee-based investment bank Grace Matthews Inc. has announced the completion of a recent deal.
Andover, Mass.-based California Products Corp. has been acquired by Audax Private Equity. CPC was previously owned by Delos Capital.
Grace Matthews advised both CPC and Delos in this transaction. Financial terms of the transaction were not disclosed.
CPC makes branded premium architectural interior and exterior paints and stains, sports court surfaces coatings and specialty abatement products. It was acquired by Delos in 2013 and acquired several other companies to expand its geographic reach and product offerings.
Audax will create a specialty coatings and adhesives platform that includes CPC and Nicoat, a company in which it invested in March. The company plans to grow the platform both organically and strategically. Delos is a shareholder in the new combined firm.
“The partnership presents an exciting opportunity for everybody involved,” said Andy Hinz, director at Grace Matthews. “Audax has a strong track record investing within the coatings and broader specialty chemicals industry, and has the experience and resources to continue growing the combined platform. We are excited for the opportunities that await Steven and the entire team at CPC.”
“Delos’ support over the last several years was essential in CPC’s expansion into a variety of complementary products, brands and geographies,” said Steven McMenamin, president of CPC. “We are excited to partner with Audax and Nicoat to build upon this momentum and create a world-class specialty formulated products platform. We look forward to opportunities for continued growth in both new and existing products and end markets.”
“Delos Capital was fortunate to have backed the right company and management team in our fund’s first investment,” said Matt Constantino, founder of Delos Capital. “Our investment in California Products yielded a great return for our institutional shareholders, and we are excited about our rolled equity going forward.”
