Kansas City, Kansas – PPG has agreed to buy Versaflex from its owner DalFort Capital Partners. No price was disclosed, but the transaction is likely to complete in the first quarter of this year.
Versaflex comprises four separate companies, which together employ 130 people. Its revenue in 2020 is projected to be $70m. DalFort put the company together between 2017 and 2019, and includes Versaflex, Raven Lining Systems, Milamar Coatings and Specialty Products.
PPG's SVPfor protective and marine coatings, Ram Vadlamannati, said Versaflex was attractive. '[It has] broad expertise and manufacturing capabilities in polyurea and floor coatings,' he said.
PPG specialises in paints and coatings, and had sales of about $15.1bn in 2019.