SC&H Capital, a leading investment bank specializing in sell side M&A advisory for middle-market companies, recently announced the acquisition of its client, Nyquist, Inc. by an affiliate of Painters Supply & Equipment Co. (PSE), a portfolio company of PNC Riverarch Capital.
Nyquist is a distributor of PPG and AkzoNobel automotive paints in the Mid-Atlantic region to auto body shops, collision repair centers and automotive dealerships. George Nyquist, president of Nyquist, purchased the company in 1979 from his parents and successfully expanded the company from a single location in Baltimore, Maryland, to its current footprint of five locations serving customers in Maryland, DC, Delaware, Pennsylvania and North Carolina. The buyer, PSE, is a Detroit, Michigan-based distributor with 45 locations throughout the Midwest and Southeast.
“Having never gone through an acquisition before, SC&H Capital provided invaluable strategic guidance throughout. Their advice on the process, valuation, and diligence support was key in getting the transaction to the finish line, despite market disruptions as a result of COVID,” said George Nyquist. “I am thrilled with the outcome as PSE is a great platform for the continued growth of Nyquist and support of all of our long-term customers and employees. We look forward to being a part of the PSE team as the next chapter of the company.”
“It was a pleasure to support the Nyquist team throughout this transaction, and we are very happy to have helped George find the right buyer for the business that he and others spent so many years building,” said Greg Hogan, a managing director at SC&H Capital. “This transaction highlights that although current market conditions are unsettled due to COVID, opportunities remain for sellers to close transactions that achieve their goals. SC&H Capital takes great pride in helping family business owners accomplish those goals.”
The transaction was led by Greg Hogan, Craig Bowden and Henry Liang at SC&H Capital. Mark Jensen and Jeremy Garner of Bowie & Jensen served as legal counsel to the company.
Terms of the transaction were not disclosed.