RPM Acquires Citadel Floor Coatings Business
MEDINA, OH - RPM International Inc.’s Rust-Oleum Group has acquired Citadel Restoration and Repair Inc., a producer and marketer of premium concrete and wood deck floor coatings for both the professional contractor and do-it-yourself (DIY) markets. Based in North St. Paul, MN, Citadel has annual sales of approximately $10 million. Terms of the transaction, which are expected to be accretive to earnings within one year, were not disclosed.
Citadel's unique formulation of concrete floor coatings allows for a quick 24-hour cure, compared to conventional systems that require at least 72 hours of cure time. The company's Citadel brand is marketed to professional contractors, while its Rock Solid brand is targeted to the DIY market. Citadel also offers a premium line of Rock Solid exterior wood care products that provide performance advantages over conventional stains.
Frank C. Sullivan, RPM Chairman and Chief Executive Officer, announced that Patrick Ilfrey, who is the majority owner of Citadel, “will lead the Citadel business as part of the Rust-Oleum Group.”