MILWAUKEE, Jan. 31 /PRNewswire/ — Grace Matthews, Inc. announced that Specialty Coatings Company, a manufacturer of industrial paints and coatings, has been acquired by a North American subsidiary of AB Wilh. Becker. The acquisition was made by Becker Industrial Coatings, a part of the Beckers worldwide group of companies. Milwaukee investment bank Grace Matthews advised Specialty Coatings on the transaction.
Founded in 1953, Specialty has been the leading independent supplier of liquid coil coatings in the U.S. Its product offerings are widely used in applications that utilize coated steel and coated aluminum substrates. Specialty employs approximately 80 people at its two production facilities, one near Chicago and the other in Southern California. Prior to the acquisition, Specialty was owned by Jack Neems and other members of the family of Specialty’s founder, Seymour “Shim” Neems.
Jenny Linden Urnes, Chairman and CEO of AB Wilh. Becker, said, “Specialty’s strong position in the U.S. market for coil coating products will be of great strategic value to Beckers. As the leading producer of coil coating products in Europe, and with a strong presence in Asia, Beckers looks forward to building new relationships in the U.S.”
Ralph Kabalo, President of Becker Industrial Coatings, added that “we are especially pleased to welcome Jack Neems, who will continue as President of Specialty, and the many valuable and experienced members of the Specialty staff that are joining Beckers. We look forward to the contributions they will make in helping Beckers maintain and expand its position as an innovative and environmentally-sensitive leader in coil coating products.”
“Becker’s commitment to the U.S. coil market was clearly shown through this process,” stated Ben Scharff, Vice President at Grace Matthews. “We couldn’t have asked for a more positive outcome for the shareholders and employees of Specialty.”
Specialty will become a unit of Becker Industrial Coatings, whose other operations in North America include Becker Industrial Coatings, Inc., in Toronto. AB Wilh. Becker is a global manufacturer and distributor of paints and coatings. Headquartered in Sweden, AB Wilh. Becker’s business units include Becker Industrial Coatings, Becker Powder Coating, Becker Acroma, and ColArt.
Grace Matthews provides merger and acquisition advisory services to private and public companies. Its Managing Directors have completed over 100 acquisitions, buyer searches, and management buyouts and have specialty expertise in chemical and coatings transactions.