MINNEAPOLIS – The Valspar Corp. has reached a definitive agreement to acquire the performance coatings businesses of Quest Specialty Chemicals Inc., which include automotive refinish and industrial coatings. The transaction, which is expected to close in the company’s third fiscal quarter, is subject to customary closing conditions. Financial terms were not disclosed.
With 2014 sales of approximately $190 million, the businesses to be acquired from Quest include an automotive refinish business along with a smaller industrial products business. Quest Automotive Products formulates, manufactures, and distributes a complete line of advanced technology paints, coatings systems, and accessories to professional refinishers under the Matrix®, Prospray®, and USC® brands, primarily in North America and Europe. Quest Industrial Products serves both the professional and consumer markets with aerosol spray products and highly specified coatings for industrial applications under the Patriot®, Raabe® and Precision Color® brands, primarily in North America.
“The acquisition strengthens Valspar’s value proposition in automotive refinish,” said Gary Hendrickson, Valspar Chairman and Chief Executive Officer. “Our customers will benefit from expanded distribution of a portfolio of preferred brands they know and trust, a broader range of high-performance products and a stronger service network. We are pleased to welcome the Quest team to the Valspar family to help deliver these benefits to our customers.”