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Quest Specialty Chemicals has completed the sale of the Quest Automotive Products and Quest Industrial Products businesses to The Valspar Corporation. The two divisions account for approximately US$190M in sales of speciality coatings in the automotive, transportation and industrial markets. Financial terms are not being disclosed.
"Over the past several years we have successfully built strong teams and grown these businesses into leadership positions in their markets. I’m very pleased that in Valspar we have a buyer who can continue to build the business, brands and customer relationships,” said Doug Mattscheck, President and CEO of Quest Specialty Chemicals.
QAP manufactures automotive refinish coatings, fillers, putties, and other accessories primarily under the Matrix, Pro-Spray, and USC brands globally and QIP serves both the professional and consumer markets with aerosol spray products and coatings for industrial applications under the Patriot, Raabe and Precision Color brands.
"Our brands are well recognised and respected and they compete favourably with premium brands in performance and colour-matching at a better value,” said Mattscheck. "They will be a good complement to Valspar’s product range.”
Quest previously announced that it was actively seeking new ownership with the blessings of its equity partners, Audax Private Equity and Moelis Capital Partners. Quest retains ownership of the Quest Construction Products business, which makes and sells roofing systems, reflective coatings for buildings and pavement coatings for the construction market.
