NORTH BRUNSWICK, N.J.--(BUSINESS WIRE)--Canlak Coatings Inc. (“Canlak Coatings” or the “Company”), a portfolio company of SK Capital Partners (“SK Capital”) and leading formulator and manufacturer of high-quality wood coating systems for commercial and residential flooring, sports flooring, cabinet, furniture, and wood focused architectural applications, announced today the acquisition of Ceram-Traz Corporation d.b.a Ceramic Industrial Coatings (“Ceramic Industrial Coatings”). Ceramic Industrial Coatings is a manufacturer of proprietary wood coating systems and related CASE (coatings, adhesives, sealants and elastomers) products. The acquisition of Ceramic Industrial Coatings aligns with the Company’s vision to create a specialized wood coating systems business while accelerating its growth in the North American OEM wood coatings market. The financial terms of the deal were not disclosed.
With more than 50 years of experience, Ceramic Industrial Coatings is a leading manufacturer and supplier of specialty coatings and associated products with a focus on high quality, wood applications. Ceramic Industrial Coatings has a strong brand reputation as a supplier of custom, proprietary water and solvent-based wood coatings. Ceramic Industrial Coatings also provides comprehensive, full-scale production capabilities for related CASE products. The acquisition of Ceramic Industrial Coatings is highly complementary to Canlak Coatings and enhances the Company’s geographic coverage in the U.S. while strengthening the Company’s focus in OEM wood coatings. The combined Company will offer a comprehensive portfolio of wood coating products and provides Ceramic Industrial Coatings’ customers access to Canlak Coatings’ differentiated ultraviolet and water-based coating technologies.
The Company will support and grow its presence in the North American market through an expertly trained sales and technical staff supported by state-of-the-art wood coatings laboratories, serving as a proven partner to the Company’s customer base.
“We are tremendously excited for our future partnership with Canlak Coatings, believing all stakeholders will benefit. Our customers will now have access to additional specialized ultraviolet and low VOC coating technology offered by Canlak Coatings,” said Rob Laubscher, President and CEO of Ceramic Industrial Coatings. Mr. Laubscher will continue with the Company as U.S. Managing Director, overseeing Canlak Coatings’ U.S. operations.
“The combination of Canlak Coatings and Ceramic Industrial Coatings brings together two talented organizations to better serve existing and new customers. The acquisition greatly enhances Canlak Coatings’ focus in U.S. OEM coatings, an area of significant investment and growth for the Company,” said Jim Coccagno, President and CEO of Canlak Coatings. “Rob Laubscher has built a tremendous organization and we look forward to our partnership and his continued leadership as U.S. Managing Director of Canlak’s operations.”
SK Capital formed Canlak Coatings in May 2021 through a series of acquisitions to create a premier North American wood coatings company.
“The addition of Ceramic Industrial Coatings to the Canlak platform significantly enhances the Company’s leading position in the North American OEM wood coatings market. The combined Company will utilize a broader technology base in conjunction with an agile, solutions-oriented service model to support customers in our markets,” said Jon Borell, a Managing Director of SK Capital.
Klehr Harrison LLP acted as legal counsel to Canlak Coatings. Northborne Partners LLC acted as exclusive financial advisor to Ceramic Industrial Coatings.
About SK Capital:
SK Capital is a private investment firm with a disciplined focus on the specialty materials, specialty chemicals, and pharmaceuticals sectors. The firm seeks to build strong and growing businesses that create substantial long-term economic value. SK Capital aims to utilize its industry, operating, and investment experience to identify opportunities to transform businesses into higher performing organizations with improved strategic positioning, growth, and profitability, as well as lower operating risk. SK Capital’s portfolio of businesses generates revenues of approximately $16 billion annually, employs more than 20,000 people globally, and operates more than 200 plants in 32 countries. The firm currently has approximately $7.2 billion in assets under management. For more information, please visit www.skcapitalpartners.com.
About Canlak Coatings:
Canlak Coatings is a formulator and manufacturer of high-quality wood coating systems for commercial and residential flooring, sports flooring, cabinet, furniture, and wood focused architectural applications. The Company offers an expansive portfolio of coating technologies, including UV-cured, waterborne, high-performance polyurethanes and traditional lacquers and varnishes. Canlak provides custom and standardized formulations for OEM and Refinish applicators, developed through a robust R&D and technical application department. Headquartered in North Brunswick, New Jersey, Canlak operates from four production facilities across the United States and Canada.
