Matrix's new corporate structure will continue to support existing customer obligations, distribution system, customer base and products. W. Kent Gardner will continue as president of Matrix and will be supported by the existing management team, associates and facilities. Additionally, Gardner has been appointed to the board of directors for Quest.
Matrix compliments Quest's mission to acquire and build specialty chemical companies that have developed unique solutions to the challenges of coatings application, surface protection, and the bonding of flexible and rigid substrates. Quest seeks enterprises whose core competencies and drive are based on differentiated and defensible product technology in combination with a market-niche strategy focus.
Detroit-based Huron Capital Partners LLC provided the majority of the equity capital to complete the acquisition. In 2003, Huron formed a strategic market-entry initiative with Quest executives Frederick Quinn, Quest's founder, and Gerry Loftus and long-time chemical- industry investor Carol Bramson. In 2004, Quest acquired Raabe Company, a leading manufacturer of branded custom-matched touchup paint and provider of private-label aerosol paint-filling services, followed by Foxcolor in July 2005. The combination of Raabe and Matrix System will allow Quest to cross-promote each manufacturer's products.
Matrix System President Kent Gardner commented on the partnership, "I was attracted to the strategic and operating talent that Fred and Gerry will bring to Matrix. With Quest and Raabe, we will be able to expand our product lines to include aerosols and build our market offering. With the financial strength of Huron Capital and the firm's value-added operations-oriented approach, we will be able to grow our company organically and through acquisitions."
The CHEMARK Consulting Group's Strategic Alternatives Practice, Southern Pines, N.C., assisted Quest Specialty Chemicals and Huron Capital Partners LLC in its recent acquisition of Matrix System Automotive Finishes LLC.
For more information on Quest Specialty Chemicals, visit www.questsc.com/.
For more information on Matrix System, call 800/735.0303 or visit www.matrixsystem.com/.
For more information on CHEMARK, see www.chemarkconsulting.net/.