Huron Capital Partners, the majority owner of Quest Specialty Chemicals, said the acquisition represents a plan by Quest to acquire companies involved in the specialty-coatings segment. Huron Capital Partners said Raabe would serve as a "platform company in Quest's coatings initiative." Quest was founded and is headed by Frederick A. Quinn, who has formerly held the positions of CEO of K.J. Quinn, president of Pierce & Stevens Co. and CEO of Royal Adhesives & Sealants.
Quinn said Raabe's "strong market share and talented management team are critical assets on which Huron and Quest plan to execute a specialty-coatings growth strategy. We expect to make complementary acquisitions to Raabe's core business and to extend their capabilities into new applications." Quinn says David Wacker will remain president of Raabe.
In its announcement on the acquisition, Huron Capital Partners said Raabe "fits squarely in Quest's coatings strategy to acquire companies that have developed unique solutions to the challenges of coatings application, surface protection, and the bonding of flexible and rigid substrates." Huron Partner Michael R. Beauregard described Raabe as "a solid-core aerosol business serving a niche market with state-of-the-art manufacturing facilities."