News

Detroit, MI - December 3, 2007 -- Huron Capital Partners LLC announced today that, through its portfolio company, Quest Specialty Chemicals, Inc. ("Quest"), it has acquired Hydro-Stop, Inc. ("Hydro-Stop" or the "Company"). Hydro-Stop will be managed under Quest's Architectural & Construction Coatings Unit, United Coatings LLC. Based in Charleston, South Carolina, Hydro-Stop is a manufacturer of sustainable water-based roofing and waterproofing systems for the building envelope. The Company's products provide fully reinforced systems with tough non-woven polyester fabric designed for roofing and flashing applications of all types. The Company's product technologies form a flexible, ultra-violet resistant elastomeric compound ideal for maintaining "cool roof", energy-saving environments. Terms of the transaction were not disclosed.

Commenting on the transaction, Christopher S. Sheeren, a partner at Huron, stated, "When combined with United Coatings, Hydro-Stop will make Quest one of the largest suppliers of acrylic roof coatings in the country, with a nationwide footprint and customers all over the world. This transaction significantly enhances Quest's offering of technical architectural and construction coatings. Huron looks forward to committing additional equity capital to Quest as the business continues to execute its buy & build strategies."

The acquisition marks the 6th specialty chemical company that Huron has acquired through its Quest platform. Huron formed Quest in 2004 in partnership with specialty chemical industry executives Fred Quinn (Quest founder) and Gerry Loftus, and long-time chemical industry investor Carol Bramson. Michael R. Beauregard, a partner at Huron, commented, "Since 2004, Huron and the Quest team have built a diversified coatings company focused on surface protection of rigid and flexible substrates through significant organic growth and a series of synergistic add-on acquisitions. With 2008 revenues and EBITDA expected to exceed $100 million and $20 million, respectively, Quest now holds strategic positions in all three specialty chemical market segments: OEM/Industrial, Architectural & Construction, and Transportation. We are looking forward to providing additional support for Quest's aggressive growth initiatives in 2008."