MORE RAABE NEWS
Huron Capital and Quest Specialty Chemicals Acquire Raabe Corp.
Detroit, MI – November 30, 2004 // Huron Capital Partners LLC, a Michigan-based private equity firm, announced today that it has funded its specialty chemicals initiative in Quest Specialty Chemicals in order to acquire Raabe Corporation. Raabe fit squarely in Quest’s coatings strategy to acquire companies that have developed unique solutions to the challenges of coatings application, surface protection and the bonding of flexible and rigid substrates. Based in Menomonee Falls, Wisconsin, Raabe is a leading manufacturer of custom matched branded touch-up paint and provider of private label aerosol paint filling services. Raabe’s touch-up products consist of ready-to-apply paints that closely match original equipment coatings and are used to repair the surfaces of industrial & commercial products along all points of the supply chain.
Michael R. Beauregard, a Partner at Huron, stated, “Partnering with Quest is consistent with our investment strategy of working with successful executives who have proven track records of building equity value. Through Quest, we have brought together strong operating and investment expertise to create a substantial player in the specialty chemicals industry. In Raabe, we found a solid core aerosol business serving a niche market with state-of-the-art manufacturing facilities. Raabe’s strong market share and talented management team are critical assets on which Huron and Quest plan to execute a specialty coatings growth strategy. Frederick A. Quinn, Quest’s CEO added “Raabe’s research and manufacturing base made it a unique platform on which to launch our coatings initiative. We expect to make complimentary acquisitions to their core business and to extend their capabilities into new applications. We are also pleased that David Wacker will continue as President of Raabe.”
Quest separately announced today that Gerard A. Loftus, who joined the Quest team in 2003, has been named COO & CFO of Quest. Mr. Quinn stated “Gerry will focus on the operational and financial aspects of our business. He brings a strong financial background and extensive operational experience in running specialty chemical businesses.” Quest also stated that it elected Carol E. Bramson to Quest’s Board of Directors. Ms. Bramson’s professional experience includes leading Banc One Equity Capital’s successful investment in Sovereign Specialty Chemicals.
About Huron Capital Partners LLC
Huron Capital is one of the leading private equity firms investing in lower middle-market companies. The firm typically invests between $5 million and $20 million in equity to sponsor management buyouts, recapitalizations, and corporate spin-offs of well-positioned companies having revenues up to $200 million. Huron’s strategy is to partner with strong management teams at niche manufacturing, specialty service, and value-added distribution companies that can be built through acquisition and organic growth. For further information, please visit Huron’s website at www.huroncapital.com.
About Quest Specialty Chemicals
Quest was founded and led by Mr. Quinn, a 30-year veteran in the specialty chemicals industry who has successfully built, acquired, and divested businesses in the specialty chemical industry. He has served as CEO of K.J. Quinn, President of Pierce & Stevens (a subsidiary of Sovereign Specialty Chemicals), and CEO of Royal Adhesives & Sealants. Mr. Quinn is a Graduate of the University of Southern California where he received both his undergraduate and MBA degrees.
For further information, please visit Quest’s web site at www.questsc.com.
October 4, 2004
For Immediate Release
Quest lets Gary Losey go.... with new ventures comes new leadership.