MILWAUKEE (December 17, 2012) – Grace Matthews, Inc. announced today PPG Industries’ acquisition of Spraylat Corporation, a global producer of industrial powder and liquid coatings. Headquartered in Pelham, NY, Spraylat maintains manufacturing facilities in North America, Europe, and Asia and sells products to customers in over 50 countries. The company 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 acquisition strengthens PPG’s capabilities in industrial coatings and provides access to Spraylat’s strong technology and customer base.
With extensive experience in paints and coatings M&A, Grace Matthews was engaged by the shareholders of Spraylat to identify high-potential buyers and run a timely, targeted sale process. Doug Mitman and Andy Hinz led the deal team for Grace Matthews.
“Grace Matthews has known and admired Spraylat for many years, and we were fortunate to work with the owners to find a home for this excellent, third-generation, family-owned business,” commented Doug Mitman. “Unlike many privately held coatings companies, Spraylat has developed an extensive global footprint through the hard work of the owners and their employees over the past several decades. PPG recognized the cultural, strategic, and product fits between the organizations and will be a strong steward of the business going forward.”
ABOUT GRACE MATTHEWS
Grace Matthews, Inc., a Milwaukee, Wisconsin based investment bank, provides merger, acquisition and corporate finance advisory services to private and public companies. Over the past decade, Grace Matthews has successfully completed over 150 transactions on behalf of clients ranging from private, middle-market companies to large, foreign or U.S.-based multi-nationals. For more detailed information on Grace Matthews, Inc., visit www.gracematthews.com.
ABOUT SPRAYLAT CORPORATION
Spraylat Corp. was founded in 1936 and now serves a customer base spanning more than 50 countries. Spraylat had annual sales of approximately $125 million in 2011. The company operates production facilities in the U.S., Europe, and China, and it employs about 300 people. Spraylat specializes in high-quality industrial liquid and powder coatings with excellent performance characteristics that are applied to metal, glass, and plastic substrates. Customers value Spraylat for its dedication to product innovation, flexible manufacturing process, reliable performance, and outstanding technical service.
ABOUT PPG INDUSTRIES
PPG Industries’ vision is to continue to be the world’s leading coatings and specialty products company. Through leadership in innovation, sustainability, and color, PPG helps customers in industrial, transportation, consumer products, and construction markets and aftermarkets to enhance more surfaces in more ways than does any other company. Founded in 1883, PPG has global headquarters in Pittsburgh and operates in more than 60 countries around the world. Sales in 2011 were $14.9 billion. PPG shares are traded on the New York Stock Exchange (symbol: PPG).
Grace Matthews’ goal is to help business owners, corporate managers, and other stakeholders unlock the value of their businesses by employing strategies that maximize value and achieve other business objectives.