DETROIT – Private equity firm Huron Capital Partners LLC and industry veteran Ray Chlodney have cofounded Valentus Specialty Chemicals Inc. (Valentus), a platform company in the specialty coatings industry. Through Valentus, Huron Capital plans to invest in regional specialty coatings producers to build a company with technically advanced and environmentally friendly reactive coating solutions serving a variety of end markets and geographies. This is the ninth specialty chemicals business that Huron Capital has funded over the past decade.
“We are excited to partner with a proven operator in Ray Chlodney,” said Jim Mahoney, a partner at Huron Capital. “The specialty coatings market is highly fragmented, and we expect Ray’s expertise and connections within the industry will be instrumental in identifying, investing in and growing businesses with market-leading technologies.”
The Valentus initiative is targeting companies with the following characteristics: a product portfolio focused on innovative, environmentally friendly, reactive coatings technologies; proven ability to meet customer needs with unique coatings solutions and exceptional customer service; annual revenues of least $20 million; and a strong recurring revenue base with high customer retention.
With over 30 years in the specialty chemicals industry, Chlodney is the former President and COO of Spraylat Corp. He has held executive positions at PPG Industries, Lilly Industries, Bayer Corp. and Benjamin Moore Paints.