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U-C Coatings acquires Contechem
High Road Capital Partners announced today that its portfolio company U-C Coatings (www.uccoatings.com) has completed the acquisition of Contechem. The acquisition marks High Road’s 50th transaction.
The two companies provide complementary products for protecting freshly cut lumber and logs. Based in Portland, Oregon, Contechem is a leading manufacturer of wood protection products. Contechem’s Britewood anti-stain products inhibit mold growth and discoloration on wood and lumber, and the company’s proprietary application technology and equipment reduce waste and enhance worker safety.
“Joining Contechem’s innovative sapstain products with U-C Coatings’ industry-leading wood sealants and end paints provides an ideal cross-selling opportunity and one-stop shop package to customers,” said Jeff Goodrich, Partner, High Road Capital Partners. “We continue to seek strategic opportunities to build the U-C platform,” Goodrich continued.
“Contechem has a superior line of products and provides outstanding levels of customer support,” said Tom Johel, CEO of U-C Coatings. “Its ability to develop and manufacture custom blends for a mill’s wood and climate conditions makes it a natural partner for U-C Coatings, and both companies’ products provide exceptional cost savings and return on investment. With tight margins in the lumber industry, we believe we can have a positive impact on our customers’ bottom lines.”
“We are pleased to join with High Road and U-C Coatings. In partnership with U-C Coatings, we can offer even better service to our customers and continue to invest in and develop new wood protection products and equipment,” said Kip Anderson, President, Contechem.
Mr. Anderson and his brother, Steve Anderson, will continue to lead Contechem post-closing. The two invested in the transaction alongside High Road and U-C management. Both companies will continue operations at their manufacturing facilities in Buffalo, New York and Portland, Oregon.
U-C Coatings’ acquisition of Contechem closed on August 30, 2018. Transaction consideration was not disclosed. Mr. Goodrich led the transaction for High Road and was assisted by Eojin Lee, Vice President; James Karle, Senior Associate; and Marc Rosenberg, Associate. Madison Capital provided financing for the transaction.
High Road teamed with chemical expert and U-C Coatings board member Jeff Leone to evaluate both the U-C Coatings and Contechem investment opportunities. Mr. Leone was recently CEO of Rutland Group, a manufacturer of coatings and inks, and previously led parts of the BASF global automotive coatings business and MAPEI’s building materials business. U-C Coatings was acquired by High Road in January 2018.
High Road Capital Partners has completed 50 transactions – 18 platform investments, 25 add-on acquisitions and seven exits – since its founding in 2007.