ANDOVER, MA - California Products Corp., an Apollo Capital Management portfolio company, has acquired the customer base and certain assets of Progress Paint Manufacturing Co. The acquisition includes certain Progress Paint brands and product lines including Gray Seal®, Fixall®, Duralux® Marine and other associated lines.
Progress Paint, founded in 1912 and headquartered in Louisville, KY, manufactures paints and coatings that are sold exclusively through independent dealers in over 20 states. This past spring, Progress consolidated its Gray Seal and Kurfees® brands under the Gray Seal Paint label.
The acquisition of the Progress Paint brands offers California Paints many opportunities for expanding its brands and product lines while reinforcing its long-term commitment to the independent dealer. “This acquisition provides an opportunity to leverage our skilled workforce and state-of-the- art manufacturing facility,” said California Products’ Chairman and CEO Peter Longo. “This transaction offers a strategic fit that will add complementary products, brands, geographies and distribution channels. We are committed to expansion and business augmentation and will continue to seek out market opportunities to advance our brands and products.”
Several individuals from Progress Paint will be joining the California Products team in the areas of sales and sales management, customer service, and distribution. Noel Booker, the former President of Progress Paint, will manage the acquired brands and customer base.