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RPM International Inc has signed an agreement to acquire SPS Group (SPS), a Dutch decorative and speciality coatings company with annual net sales of approximately US$60M. Located about an hour south of Amsterdam in ‘s-Hertogenbosch, SPS will operate as part of RPM’s Rust-Oleum European business. Terms of the transaction were not disclosed. It is expected to be accretive to earnings within one year, excluding one-time costs.
SPS offers a complete line of topcoats for interior and exterior walls, primers, lacquers, floor and roof coatings, metal coatings, wood stains and finishes, plasters and more. Its major customers are large home centre chains and builder merchants based in the Netherlands. Its products are used by painters, plasterers, industry and do-it-yourselfers. "By leveraging the manufacturing and distribution strengths of SPS, we expect this acquisition to accelerate Rust-Oleum’s growth in The Netherlands and other nearby European countries,” stated Frank C Sullivan, RPM Chairman and Chief Executive Officer. "It will also allow the existing customer base of SPS to benefit from Rust-Oleum technologies and innovations.”
