High Road Capital Partners has completed the acquisition of U-C Coatings, a manufacturer and distributor of premier specialty coatings and sealants for the North American wood and lumber markets.
Financial terms of the deal have not been disclosed.
The Buffalo, New York-based company’s products, which are more cost effective than alternative products, conserve and protect hardwood logs and lumber. ANCHORSEAL end sealers prevent logs and lumber from prematurely drying and cracking, thus preventing avoidable waste. GEMPAINT end-paint products are used to differentiate lumber bundles. The company also manufactures SEAL-ONCE products, which create a water barrier within wood, concrete and masonry, providing protection from the inside out.
High Road teamed with chemical industry expert and U-C Coatings board member Jeff Leone to evaluate the investment opportunity. Mr. Leone was recently CEO of Rutland Group, a manufacturer of coatings and inks, and previously led the coatings division of BASF and the North and South American operations for global chemical supplier Mapei.
Leone says: “U-C Coatings is an ideal platform for building a broader specialty chemicals business focused on coatings and adhesives technologies. We will seek both organic growth and acquisition opportunities for the company.”
Thomas Johel, President of U-C Coatings, says: “Our superior products have a proven impact on the bottom line for lumber yards, saw mills and log exporters by increasing production yields. In addition, our SEAL-ONCE formulations are preferred by craftspeople and manufacturers who demand environmentally friendly products and premium performance. Our customers value our commitment to quality. Partnering with High Road gives us the resources to continue to innovate and better serve our customers.”
Jeffrey Goodrich, the Partner at High Road who led the deal, says: “U-C Coatings, with its market leadership in wood protection, is ideally positioned for expansion. Wood protection practices are progressively being adopted both in North America and other wood-producing regions. In addition, exports of North American hardwoods are growing. We see an immediate opportunity to expand U-C Coatings’ distribution globally.
“The U-C Coatings executive team, led by Tom Johel, and Executive Vice-President of Sales Tim Cutler, have done a tremendous job in leading the company’s growth and will drive the business going forward.”
