High Road Capital Partners Buys U-C Coatings
NEW YORK – High Road Capital Partners has completed the acquisition of U-C Coatings, Buffalo, New York. U-C Coatings is a manufacturer and distributor of specialty coatings and sealants for the North American wood and lumber markets.
U-C Coatings’s 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. 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 commented, “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.”
Jeffrey Goodrich, the Partner at High Road who led the deal, said, “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.” Goodrich continued, “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.”
High Road Capital Partners is a private equity firm focused on smaller middle-market transactions. The company focuses on niche-leading companies with revenues of $10 million to $100 million and EBITDA of $3 million to $10 million. Once acquired, High Road works in partnership with management to take the companies to the next level through a combination of organic growth initiatives and add-on acquisitions.