PPG Industries recently completed the acquisition of VersaFlex, a Kansas City specialty coatings company, from DalFort Capital Partners for an undisclosed amount.
The purchase is part of PPG’s commitment to expand its technology portfolio.
VersaFlex provides customers with geo-stabilization foams, containment solutions, waterproofing, sealants, protective coatings, and insulating products. It serves multiple industries, including industrial, construction, oil and gas, water and wastewater, transportation infrastructure, power, agricultural, food and beverage, and original equipment manufacturers.
Global demand for coatings will increase in many end-use markets, PPG forecasted in January. The company also forecasts sales volume for the first quarter to be flat.
Founded more than 46 years ago, VersaFlex is an aggregation of four U.S.-based protective coatings companies: Milamar Coatings, Raven Lining Systems, Specialty Products, and legacy VersaFlex.
VersaFlex operates three manufacturing sites and employs approximately 130 people. Revenue was approximately $70 million in 2020.
Dallas-based DalFort Capital Partners is a sector-focused investment firm. It specializes in partnering with entrepreneurs and management teams in the lower middle market and works by identifying and executing strategic add-on acquisitions that enhance companies’ relationships with existing customers and expand reach into new markets.
PPG is headquartered in Pittsburgh and operates in more than 70 countries, and net sales in 2020 totaled $13.8 billion.