PPG is to buy paint maker VersaFlex

PPG's proposed acquisition of paint
PPG announced that it had reached a final agreement to acquire VersaFlex. VersaFlex is a manufacturer specializing in the production of polyurethane, epoxy and polyurethane coatings for water and wastewater infrastructure, flooring, transportation infrastructure and industrial applications. VersaFlex is a portfolio firm of CanalFort Capital Partners

. The transaction is expected to close in the first quarter of 2021, depending on customary closing conditions. Financial terms have not been disclosed.Ram Vadlamannati, Senior Vice President and President, Europe, Middle East and Africa, industrial protection and marine coatings (PMC) at
PPG, said: "VersaFlex's attractive market segment, combined with strong growth prospects, unique product availability, extensive expertise and manufacturing capabilities in the polysaccharide and floor coatings sectors, will complement and expand PPG's current product portfolio. This acquisition will help PPG fulfill its commitment to develop an industry-leading technology portfolio and broaden customer touch points. VeraFlex
consists of four U.S. protective coatings companies, including traditional VersaFlex, Raven Lining Systems, Milamar Coatings, and Speciality Products, Inc. These companies were acquired by CanalFort Capital in 2017-2019. VersaFlex, which has about 130 employees, expects full-year revenue of about $70 million in 2020. The company has three production sites in Kansas, Oklahoma and Washington state.