M&A Deal Summary

PPG Acquires The Crown Group

On July 20, 2017, PPG acquired chemicals company The Crown Group from High Road Capital Partners, Charter Oak Equity and Barings Private Equity

Acquisition Highlights
  • This is PPG’s 26th transaction in the Chemicals sector.
  • This is PPG’s 19th transaction in the United States.
  • This is PPG’s 1st transaction in Michigan.

M&A Deal Summary
Date 2017-07-20
Target The Crown Group
Sector Chemicals
Buyer(s) PPG
Sellers(s) High Road Capital Partners
Charter Oak Equity
Barings Private Equity
Deal Type Add-on Acquisition

Target

The Crown Group

Warren, Michigan, United States
The Crown Group, Inc. is a provider of quality coating solutions to industrial end markets. Crown's range of coating technologies include electro-coating ("e-coating"), e-coating with powder coating topcoat and water-based wet painting. The Crown Group, Inc. was established in 1965 and is headquartered in Warren, Michigan.

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Buyer(S) 1

Buyer

PPG

Pittsburgh, Pennsylvania, United States
Category Company
Founded 1883
Sector Chemicals
Employees50,000
Revenue 18.2B USD (2023)
DESCRIPTION
PPG headquarters at One PPG Place in downtown Pittsburgh, Pennsylvania.
PPG headquarters at One PPG Place in downtown Pittsburgh, Pennsylvania.

PPG manufactures and distributes a broad range of coatings, specialty materials and glass products. PPG was formed in 1883 and is based in Pittsburgh, Pennsylvania.

DEAL STATS #
Overall 32 of 44
Sector (Chemicals) 26 of 35
Type (Add-on Acquisition) 24 of 35
State (Michigan) 1 of 1
Country (United States) 19 of 25
Year (2017) 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-11 Taiwan Chlorine Industries

Kaohsiung, Taiwan

Taiwan Chlorine Industries Ltd. is a manufactuer of paints, coatings and materials. Taiwan Chlorine Industries was established in 1986 and is based in Kaohsiung, Taiwan.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-02 ProCoatings BV

Almere, Netherlands

ProCoatings BV is a provider of professional paint brands through its network of 23 multi-brand stores. ProCoatings is based in Almere, Netherlands.

Buy -

Seller(S) 3

SELLER

High Road Capital Partners

Greenwich, Connecticut, United States

Investor Investor Investor

Category Private Equity Firm
Founded 2007
PE ASSETS 470M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

High Road Capital Partners LLC is a private equity firm focused on acquiring smaller middle-market companies in partnership with management. High Road looks to invest in companies with revenues of $10 to $100 million with an EBITDA of $3 to $ 10 million. Broad areas of interest include manufacturing, service, and value-added distribution businesses. Target transaction situations include buyouts and recapitalization. High Road will consider both control and non-control investments. High Road Capital Partners was formed in 2007 and is based in New York City.

DEAL STATS #
Overall 6 of 13
Sector (Chemicals) 1 of 1
Type (Add-on Acquisition) 4 of 8
State (Michigan) 1 of 1
Country (United States) 5 of 12
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-23 Exponential Power

Menomonee Falls, Wisconsin, United States

Exponential Power is a provider of stored power solutions utilized by industry leaders in energy services, utilities, industrial, telecom, data center, motive power, and material handling markets. Dedicated to solving problems. Exponential Power was established in 1915 and is based in Menomonee Falls, Wisconsin.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2018-01-10 U-C Coatings

Buffalo, New York, United States

U-C Coatings is a manufacturer and supplier of wood protection products for the logging, lumber, furniture, and woodworking industries. Its products include ANCHORSEAL end sealer for logs and lumber, GEMPAINT lumber tagging paints, and SEAL-ONCE waterproofers. U-C Coatings was founded in 1971 and is based in Buffalo, New York.

Buy -
SELLER

Charter Oak Equity

Westport, Connecticut, United States

Investor Investor Investor Investor

Category Private Equity Firm
Founded 1992
PE ASSETS 500M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Charter Oak Equity is a private equity group focused on control investments in lower middle-market companies valued between $25 and $150 million. The Firm looks for businesses operating large markets with significant room for growth. Target sectors include niche manufacturing, packaging, medical products, specialty chemicals, consumer products, and financial services. Charter Oak generally targets family-owned companies or non-core divisions of larger companies. Charter Oak Private Equity was formed in 1992 and is based in Westport, Connecticut.

DEAL STATS #
Overall 21 of 27
Sector (Chemicals) 3 of 4
Type (Add-on Acquisition) 5 of 8
State (Michigan) 4 of 4
Country (United States) 21 of 27
Year (2017) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2016-07-01 Daisy Outdoor Products

Rogers, Arkansas, United States

Daisy Outdoor Products is a manufacturer and marketer of youth airguns and accessories. The Company was founded in 1886 and throughout its history, has developed unparalleled brand recognition and a dominant position within the youth and entry-level airgun market.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-10-18 Brook & Whittle

Guilford, Connecticut, United States

Brook & Whittle is a manufacturer of premium prime label solutions with highly differentiated capabilities, entrusted by some of the most well-known brands. The Company provides pressure-sensitive labels, shrink sleeves, and flexible packaging, with a focus on sustainable solutions and decorative effects requiring significant technical expertise. Brook & Whittle was founded in 1995 and is based in Guilford, Connecticut.

Sell -
SELLER

Barings Private Equity

Investor Investor

Category Private Equity Firm
Founded 1991
PE ASSETS 5.7B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Barings Private Equity is the private equity arm of global asset management firm Barings. The Group looks to invest in mezzanine, distressed, and other private equity transactions including secondaries and funds. Sectors of interest include manufacturing, business services, distribution, consumer products, consumer services, food products, packaging, and healthcare. Barings Private Equity was originally established in 1991 and is based in Charlotte, North Carolina.

DEAL STATS #
Overall 19 of 37
Sector (Chemicals) 3 of 3
Type (Add-on Acquisition) 15 of 23
State (Michigan) 1 of 2
Country (United States) 17 of 33
Year (2017) 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-03-16 Church Services

Houston, Texas, United States

Church Services, Inc. is a provider of residential maintenance, repair, and replacement services in the areas of (i) heating, ventilation and air conditioning ("HVAC"), (ii) electrical, (iii) plumbing and (iv) foundation repair. Church Services was founded in 1990 and is based in Houston, Texas.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-07-31 Service Logic

Charlotte, North Carolina, United States

Service Logic is an independent provider of aftermarket maintenance, repair, and replacement services for commercial HVAC equipment, chilled water systems, and building automation and control systems. Service Logic was formed in 1945 and is based in Denver, Colorado.

Sell -
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