DETROIT — Huron Capital Partners LLC, through its portfolio company, Quest Specialty Chemicals, has acquired Advanced Refinish Technologies. Terms of the transaction were not disclosed.
Advanced Refinish Technologies manufactures and markets high-performance acrylic sealers, base coats, top coats and other coatings to automotive refinish and paint distributors across the U.S. for sale to collision and body shops. Through the acquisition, the company will be managed under Quest’s Automotive Aftermarket Unit, Matrix System Automotive Finishes, based in Walled Lake, MI. The company will relocate its operations to Quest facilities in Michigan and Wisconsin.
The acquisition marks the fifth specialty chemical company that Huron has acquired through its Quest platform, and 30th overall since the inception of the firm. Huron formed Quest in 2004 in partnership with specialty chemical industry executives Fred Quinn and Gerry Loftus, and long-time chemical industry investor Carol Bramson. Through a series of synergistic add-on acquisitions and significant organic growth, Quest revenue has grown four-fold during the past three years to more than $80 million, making it one of the top 20 diversified coating companies in the U.S.
Commenting on the transaction, Michael Beauregard, a partner at Huron, stated, "The Advanced Refinish Technologies transaction strategically adds to Matrix’s array of refinish solutions in the automotive aftermarket. The transaction deepens Quest’s positioning of its core Automotive Aftermarket Unit, which together with Quest’s Industrial and OEM Unit and Construction Unit, form a diversified specialty chemicals business serving several international markets. Huron looks forward to committing additional equity capital to Quest as it continues to execute its buy and build strategies."
