“We are not planning on any immediate changes. Naturally, it’s a bit of an evolutionary process that we want to take here,” said Girthofer. “What will very clearly remain, however, are the quality brands that we have acquired. You can fully expect to see them more prominent in the future than today in their form.”
Quest’s performance coatings businesses include automotive refinish and industrial coatings. In 2014, combined sales of the two were approximately $190 million. Quest Automotive Products formulates, manufactures and distributes advanced technology paints, coatings systems and accessories to refinishers, primarily in North America and Europe under three brands: Matrix, Prospray and USC. Quest Industrial Products serves the professional and consumer markets with aerosol spray products and highly-specified coatings for industrial applications under the Patriot, Raabe and Precision Color brands, mainly in North America. In the fall of 2014, Valspar learned that Quest was going to be sold.
“It was a fantastic opportunity for us,” said Girthofer, who has worked for Valspar since November 2013. “We’re at the point where we can bring both companies together and really look forward to being a much stronger market participant.”
Girthofer said the organizations will work side by side until he and his team have had time to really understand Quest’s businesses and its products, and have developed a clear plan to communicate to customers. “I think we have everything that independent body shops and MSOs are requiring in today’s environment to be a top supplier of automotive refinish coatings.”
“The acquisition strengthens Valspar’s value proposition in automotive refinish,” said Gary Hendrickson, Valspar’s Chairman and CEO, in a statement. “Our customers will benefit from expanded distribution of a portfolio of preferred brands they know and trust, a broader range of high-performance products and a stronger service network. We are pleased to welcome the Quest team to the Valspar family to help deliver these benefits to our customers.”
Valspar’s brands include DeBeer Refinish, Octoral, Valspar Refinish and House of Kolor.
The transaction closed on June 1. Financial terms were not disclosed.