News
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."
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.