BOSTON - Audax Private Equity has established the foundation of a platform in the specialty coatings and adhesives markets. The platform is being established through the acquisition of California Products Corp. (CPC), together with Audax Private Equity’s existing investment in Nicoat, a formulator of specialty packaging and printing coatings, in which Audax invested in March 2015. CPC expands the platform into the architectural, sports surfaces and specialty construction coatings segments. Audax plans to rapidly grow the platform through acquisitions in both new and existing end markets, products lines and technologies as well as maintaining a strong organic focus.
California Products, founded in 1926 and based in Andover, MA, is a leading provider of architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and mold and abatement remediation coatings. CPC and Nicoat will continue to operate as standalone business units of the combined platform, leveraging benefits through raw material purchasing, technological collaboration and shared services. Audax acquired CPC from Delos Capital. Delos will continue as a shareholder in the combined platform.
The establishment of the new platform builds upon Audax’s experience within the coatings and broader specialty chemicals industry, including its investments in ColorMatrix, KODA Distribution Group, Quest Specialty Chemicals and Gabriel Performance Products.
Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine and Senior Debt businesses.