U-C Coatings, a portfolio company of High Road Capital Partners, has completed the acquisition of the assets of the stains and industrial coatings business of Eco Chemical, marking the company’s second acquisition under High Road’s ownership.
Founded in 1991, Seattle, Washington-based Eco Chemical is a leading manufacturer of water-based stains and coatings used on pressure treated wood and in the manufacturing of wood products such as fencing, decks, and exteriors.
“The acquisition of Eco Chemical deepens U-C Coatings’ position in the softwood market, adds the pressure treating channel, and broadens U-C Coatings’ product offerings by introducing stains and coatings that capitalize on trends such as vintage wood,” says Jeff Goodrich, Partner, High Road Capital Partners. “It also expands U-C Coatings’ geographic presence on the West Coast and gives customers on the East Coast access to new products for the pressure treated lumber market.”
“With the addition of Eco Chemical’s innovative products and customisation capabilities, U-C Coatings is well positioned for accelerated growth,” says Eric Degenfelder, Chief Executive Officer, U-C Coatings. “We are now able to serve customers as a complete provider of stains and coatings in both the hardwood and softwood markets.”
Mark Cheirrett, President and CEO of Eco Chemical, says, “We are excited to join with U-C Coatings and bring a larger service team, greater product development capabilities and an array of new products to our customers.”
U-C Coatings’ acquisition of Eco Chemical closed on 9 September, 2019. Goodrich led the transaction for High Road and was assisted by Jeff Leone, Operating Partner; Eojin Lee, Vice President; and Anthony Tripodoro, Associate. Madison Capital provided financing for the transaction. Jones Day provided legal counsel to High Road. Transaction consideration was not disclosed.
Company founders Mark Cheirrett and Peg Cheirrett invested in the transaction alongside High Road.
U-C Coatings was acquired by High Road Capital Partners Fund II in January 2018. Its acquisition of Eco Chemical follows its acquisition of Contechem in August 2018.
High Road Capital Partners has completed 57 transactions – 20 platform investments, 30 add-on acquisitions, and seven exits – since its founding in 2007.
