News
July 13, 2005 - Menomonee Falls, WI - Raabe Company, a wholly owned subsidiary of
Quest Specialty Chemicals, Inc., announced today the acquisition of
Foxcolor Inc., located in Oshkosh, Wisconsin. Raabe is a leading
manufacturer of branded custom matched touch-up paint and provider of
private label aerosol paint filling services. Raabe's touch-up products
consist of ready-to-apply paints that closely match original equipment
coatings and are used to repair the surfaces of industrial and commercial
products along all points of the supply chain.
"The acquisition of Foxcolor adds an important market segment to Raabe's
branded (Precision Color) touch-up paint business," said Frederick
Quinn, CEO of Quest Specialty Chemicals. Foxcolor will be immediately
integrated into the production and operations of Raabe's facility in
Menomonee Falls, Wisconsin. "The integration of Foxcolor will bring
added production capability and flexibility to Raabe's touch-up business
and will allow us a greater capability in serving all aspects of the
touch-up market from aerosols to pens, bottles, quarts and gallon
packaging," said Gerry Loftus, COO of Quest and Raabe. Raabe also
announced that Jason Plachetka will join Raabe from Foxcolor as
National Accounts Manager.
Quest Specialty Chemicals was founded by Frederick Quinn and is funded
by Huron Capital Partners. The mission of Quest Specialty Chemicals
is to acquire and build specialty chemical companies that are engaged
in the 'formulation' of coatings, adhesive and sealant products which
are designed to provide surface protection to, or the bonding of, flexible
and rigid substrates. Quest seeks enterprises whose core competencies
and drive are based on differentiated and defensible product technology
in combination with a market niche strategy focus. Quest acquired Raabe
in November, 2004.
Huron Capital is one of the
leading private equity firms investing in
lower, middle-market companies. The firm typically invests between
$5 million and $20 million in equity to sponsor management buyouts,
recapitalizations and corporate spin-offs of well-positioned companies
having revenues up to $200 million. Huron's strategy is to partner with
strong management teams at niche manufacturing, specialty service and
value added distribution companies that can be built through acquisition
and organic growth.