Century Park Establishes Third Specialty Chemicals Platform, Recapitalizes NCP Coatings
LOS ANGELES–(BUSINESS WIRE)–#chemicals–Century Park Capital Partners is pleased to announce the recapitalization of NCP Coatings, Inc. (“NCP” or the “Company”). Headquartered in Niles, MI, NCP develops and manufactures technologically advanced performance coatings solutions for the military, industrial, commercial, and forestry end markets. NCP marks the third platform and eleventh overall investment by Century Park in the Specialty Chemicals sector.
NCP Coatings was founded by C.M. “Marvin” Hannewyk II and was incorporated in 1948. The Company was initially founded to provide paints and coatings to Studebaker (located nearby in South Bend, Indiana) for military vehicles. Since 1948, NCP has continued to evolve, building an impressive portfolio of easy-to-apply, specialized formulations used to protect critical military and industrial assets. NCP currently manufactures and supplies a broad range of high-performance technologies including anti-corrosive epoxy systems, high gloss urethane systems, market-leading polysiloxanes, unique specialty systems for forestry customers, and a wide range of MIL-SPEC approved military coatings. The third-generation family ownership, brothers Ben and Nat Hannewyk, have led NCP’s tradition of excellence and customer focus until the present day.
Charlton Keultjes, who currently leads NCP and will remain with the business as President & COO, commented, “We are excited to partner with Century Park as NCP moves into its next phase of growth. Century Park’s team and their core values align well with the Hannewyk family ownership as well as NCP’s vision for future growth. Century Park’s track record of success in the specialty chemical industry is a perfect fit as we seek to invest in expanding NCP by adding new talent, new capabilities, and combining our strengths with other performance coatings businesses through strategic acquisitions.”
Tony Trevino, Principal with Century Park, added, “With a strong internal research and development team and a 70+ year track record of delivering high quality products, NCP has built an excellent reputation with its customers and in the markets it serves. We are thrilled to work alongside management and to support NCP as it expands into new markets and reaches new customers.”
This is the first transaction closed under the Century Leaders Program, a new Century Park initiative that is an executive-led, buy-and-build acquisition strategy. Century Park teams up with an Operating Partner or C-level executive in a targeted sector, dedicating a deal team and search resources to a defined investment area. Doug Holmberg, an executive in the firm’s Century Leaders Program covering the Specialty Chemicals sector, worked to source this transaction opportunity alongside Century Park and will join NCP Coatings as a Board Member and CEO. Doug is a coatings industry veteran with more than 25 years of experience in the industry. Most recently, Doug was Business Director of the Automotive and Specialty Coatings segment for the Americas region for Akzo Nobel.
Martin Sarafa, Managing Partner with Century Park, commented, “For the last 20 years, our focus has always been partnering with proven industry executives to invest in family and founder-owned businesses. With the Century Leaders Program, we have formalized our approach to partnering with executives like Doug to develop a thesis and strategy in a given sector ahead of an acquisition. This approach allows us to accelerate the execution of our value creation plan and provides an exciting opportunity for entrepreneurially-minded executives looking for a collaborative private equity partner.”
BMO Sponsor Finance provided the debt financing for the transaction. Terms of the transaction were not disclosed.
About NCP Coatings:
Founded in 1948, NCP Coatings develops and manufactures technologically advanced performance coatings solutions for the military, industrial, commercial, and forestry end markets. Building on the Company’s legacy as a coatings supplier to Studebaker military vehicles after World War II, the Company has continued to evolve, building an impressive portfolio of easy-to-apply, specialized formulations used to protect critical military and industrial assets. NCP currently manufactures and supplies a broad range of high-performance technologies including anti-corrosive epoxy systems, high gloss urethane systems, market-leading polysiloxanes, unique specialty systems for forestry customers, and a wide range of MIL-SPEC approved military coatings. NCP is headquartered in Niles, MI with an additional warehousing facility in nearby Mishawaka, IN. For more information on NCP Coatings, please visit www.ncpcoatings.com.
About Century Park Capital Partners:
Century Park Capital Partners is a Los Angeles-based private equity group established in 2000 that invests in family businesses, owner-operated firms and corporate divestitures with the purpose of accelerating growth and transforming these companies into leading industry players. We specialize in acquiring strategically well-positioned yet under-resourced middle market companies with identifiable potential for value creation. We leverage our C-level executive partners (“Century Leaders”) in targeted sectors to build an investment thesis, evaluate opportunities, and lead portfolio companies through the value creation process. We further support our investments with proven operational and best practice initiatives, led by our Operating Team, including buy-and-build acquisition integration programs and infrastructure additions. For more information on Century Park, please visit www.centuryparkcapital.com.
Century Park Capital Partners
Director of Business Development