Spraylat Corporation is a global manufacturer of industrial powder and liquid coatings and is one of the largest privately held coatings companies in North America. Spraylat, known for its technology and customer service, is a leader in many of the niche markets it serves, including automotive wheel and tire coatings, electronic conductive coatings, mirror coatings and solutions, and architectural powder coatings. The company operates manufacturing facilities in North America, Europe, and Asia and has customers in over fifty countries.
Prior to engaging Grace Matthews, the owners of Spraylat had been approached by a strategic buyer that could realize significant synergies in a transaction. With no readily apparent succession plan in place, the owners sought advice from Grace Matthews on possible sale options.
Spraylat’s owners ultimately engaged Grace Matthews to run a timely sale process targeted at strategic buyers that potentially had the most to gain in a synergistic transaction. Grace Matthews identified a small group of global coatings companies that could reasonably be expected to achieve the value goals of the shareholders.
After approaching these targets to gauge their interest, Grace Matthews met with each potential buyer to discuss Spraylat and the synergy opportunities that an acquisition could provide. GM then guided the sellers and potential buyers through what became a highly competitive sale process.
Grace Matthews’ process resulted in the successful sale of Spraylat Corporation to PPG Industries at a value that exceeded the shareholders’ goals. The cultural, strategic, and product fits between the organizations were a clear driver of value in the transaction. The acquisition strengthened PPG’s capabilities in industrial coatings while simultaneously providing access to Spraylat’s strong, worldwide customer base.