PPG enters into agreement to purchase coatings manufacturer

Pittsburgh-based PPG recently signed a definitive agreement to purchase VersaFlex, a portfolio company of DalFort Capital Partners, for an undisclosed amount.

VersaFlex manufactures polyurethane, epoxy and polyurea, coatings for industrial applications, including transportation infrastructure, flooring, and water and wastewater infrastructure.

“VersaFlex’s attractive segment mix with strong growth outlook, unique product offering, broad expertise, and manufacturing capabilities in polyurea and flooring coatings will complement and expand upon PPG’s current product offering,” said Ram Vadlamannati, PPG senior vice president of protective and marine coatings and president of the Europe, Middle East, and Africa markets. “This acquisition supports PPG’s commitment to growing our industry-leading technology portfolio and customer touchpoints.”

The deal is expected to close in the first quarter, pending customary closing conditions.

VersaFlex consists of four U.S.-based protective coatings companies: VersaFlex, Milamar Coatings, Specialty Products, and Raven Lining Systems. DalFort Capital acquired these companies between 2017 and 2019.

VersaFlex employs approximately 130 people at manufacturing facilities in Kansas, Oklahoma, and Washington state. In 2020, revenue was approximately $70 million.

Dallas-based DalFort Capital Partners is a sector-focused investment firm. It partners with entrepreneurs and management teams in the lower middle market and works to identify and execute strategies that enhance companies.

In 2019, PPG had net sales totaling $15.1 billion.