Diamond Vogel Exits Architectural Retail Through Two Divestments
Diamond Vogel announced the sale of select architectural paint store locations to Spectrum Paint and Hirshfield’s in two separate transactions advised by Grace Matthews.
As part of a strategic transformation in its approach to the architectural coatings market, Diamond Vogel is divesting its company-owned retail stores that primarily serve painting contractors, homeowners and maintenance professionals. The company said the move allows it to reinvest in its core paint manufacturing capabilities.
Spectrum Paint has agreed to acquire Diamond Vogel’s architectural paint business across 12 locations, primarily in Iowa and adjacent states, and will assume operations at nine stores in central Iowa. Spectrum plans to continue operations at these sites and retain all current employees.
“In today’s evolving retail landscape, success demands continuous innovation and focus,” said Jeff Powell, CEO of Diamond Vogel. “Our strength lies in paint manufacturing, and we recognized the need to reinvest in our core capabilities rather than retail operations. We’re pleased to partner with Spectrum Paint, a company known for delivering exceptional customer experiences. Spectrum will continue to offer our premium architectural paints and coatings to the market.”
In a separate transaction, Hirshfield’s has agreed to acquire Diamond Vogel’s architectural paint business across 11 locations in Minnesota and adjacent states.
“We’re excited to partner with Hirshfield’s as an ongoing coatings supplier,” Powell said. “Aligned with our strategy to focus our efforts on paint manufacturing, we recognized the need to reinvest in our core capabilities rather than retail operations. Hirshfield’s provides a good home for our architectural stores, especially our customers and employees. Hirshfield’s will continue to offer our premium architectural paints and coatings to the market.”
Diamond Vogel is based in Orange City, Iowa, and manufactures coatings for architectural, industrial, farm and home, wood finishes, toll manufacturing, aerosol and traffic markets. Spectrum Paint is the largest independent paint dealer in the United States with more than 100 stores across 14 states. Hirshfield’s is a Minnesota-based, fourth-generation family-owned paint manufacturer and retailer.
Grace Matthews, a Milwaukee-based investment bank, advised Diamond Vogel on both transactions.
Spectrum Paint describes itself as the largest independent paint dealer in the United States with more than 100 stores across 14 states.
Hirshfield’s is a Minnesota-based, fourth-generation, family-owned company. The company said it has sold paint since the late 1800s and has manufactured paint in Minneapolis since 1982.
This transaction highlights continued M&A activity in the industry.
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