Valentus Specialty Chemicals Inc., a portfolio company of Detroit-based private equity firm Huron Capital Partners, has acquired the wood floor finishes business of New Rochelle, N.Y.-based Paint Over Rust Products Inc., formerly known as Absolute Coatings. Terms of the deal were not disclosed.
As part of the transaction, David Sherman, CEO and owner of Paint Over Rust Products, will join the board of directors of Valentus, and the wood floor finishes business will operate as Absolute Coatings Inc.
A family-owned business founded in 1923, Absolute Coatings manufactures environmentally friendly wood floor finishes primarily under the ABSCO, Last-n-Last, and TREK-Plus brands.
Officials with Valentus say Absolute Coatings adds technological expertise to the company’s platform along with expanded distribution in the Northeast and Mid-Atlantic regions.
“We believe the partnership with Absolute will significantly enhance our growth trajectory,” says Ray Chlodney, CEO of Valentus.
The transaction represents the third acquisition for Valentus.
Founded in 1999, Huron Capital has raised over $1.1 billion in capital through four committed private equity funds and invested in over 120 companies. Its portfolio companies have employed over 11,000 people throughout North America.