DETROIT — The Detroit private equity firm Huron Capital Partners LLC has founded a new company to make acquisitions and investments in specialty coatings companies.
Valentus Specialty Chemicals Inc. was co-founded by Huron Capital and New York-based industry veteran Ray Chlodney, a former executive with .
Through Valentus, Huron Capital plans to invest in regional specialty coatings producers to build a company with technically advanced and environmentally friendly coating products serving a variety of industries and regions.
The U.S. specialty coatings market is an $18 billion industry.
“Valentus marks the ninth specialty chemicals business that Huron Capital has funded over the past decade,” said Huron Capital senior partner Mike Beauregard. “Through our established buy-and-build model, the Valentus coatings platform follows our established history of investing in successful niche specialty chemical platforms, including Quest Specialty Chemicals and Bloomer Plastics. We are surrounding the Valentus initiative with a significant amount of intellectual and financial capital.”
The Valentus initiative is targeting companies with the following characteristics:
* A product portfolio focused on innovative, environmentally friendly, reactive coatings technologies;
* A proven ability to meet customer needs with unique coatings solutions and exceptional customer service;
* Annual revenues of least $20 million; and
* Strong recurring revenue base with high customer retention.
Huron Capital vice president Mark Miller said the investments could be anywhere in the United States or Canada.
Founded in 1999, Huron Capital has raised more than $1.1 billion through four committed private equity funds. Its portfolio companies have employed over 7,500 people throughout North America. With offices in Detroit and Toronto, Huron Capital sponsors recapitalizations, family succession transactions, market-entry strategies, corporate carve-outs, and management buyouts of companies having revenues up to $200 million.
More at www.huroncapital.com.