Huron Capital sells Quest Specialty Chemicals

Huron Capital sells Quest Specialty Chemicals

3:18 PM, 10th June 2011
Huron Capital sells Quest Specialty Chemicals
Mike Beauregard, Partner at Huron.

DETROIT, US: Huron Capital said that it has sold its interest in Quest Specialty Chemicals Inc in a transaction that produced 4.1 times its original investment.  In order to give effect to the transaction, Quest was recapitalized by Audax Group, Moelis Capital Partners, and Quest management.  Huron’s investment in Quest was the 2nd largest equity investment made through The Huron Fund II, LP, a $ 185,000,000 fund which had its final close in May 2005.


Founded in 2003 by Huron and chemical industry veterans Frederick Quinn and Gerard Loftus, Quest is a leading specialty chemicals company engaged in the formulation, manufacturing, and marketing of coatings designed to repair, restore, and preserve the assets of its customers. The Quest platform purchased seven companies: Raabe Company (2004), Foxcolor (2005), Matrix System Automotive Finishes (2006), United Coatings (2007), Zolatone (2007), HydroStop (2007) and Custom Finishes (2009).  During Huron’s hold period, the business reviewed over 200 acquisition opportunities and enjoyed sales and EBITDA growth of 426 per cent and 481 per cent, respectively. 


“This transaction marks the realization of a core position for the fund. Fred and Gerry brought a unique combination of corporate development and operating talent to the business. Together, we built the depth of the Quest team methodically with each add-on acquisition. This made Huron comfortable injecting fresh equity into the business on four separate occasions. We are grateful for the dedicated and transformational leadership skills that Fred and Gerry invested into the company,” said Mike Beauregard, Partner at Huron.

(C) WOC News




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