ShoreView Announces Sale of Milamar Coatings, LLC
ShoreView is pleased to announce the sale of Milamar Coatings, LLC (“Milamar”) to VersaFlex Incorporated. ShoreView partnered with Milamar through a recapitalization in July 2012.
Prior to ShoreView’s investment, Milamar was a traditional “family business”. The owner of Milamar was seeking to both diversify his personal net worth and find a partner to help him achieve the next phase of the company’s growth. ShoreView structured a transaction that:
- Provided liquidity to the owner while enabling him to maintain a meaningful ownership position
- Provided ample financial resources to support management’s growth plan
- Allowed the owner to execute a planned transition from day-to-day management and into a board role
ShoreView then worked with Milamar to:
- Complete two add-on acquisitions which expanded the company into new end-markets
- Divest non-core operations to focus the business and production on its primary end-markets
- Hire new leadership into the CEO role
About Milamar Coatings, LLC
Milamar is a formulator and manufacturer of specialty chemicals with a focus on complex industrial composites, adhesives, and polymer coatings. The Company serves a diverse customer base across a variety of end markets including automotive, marine, aerospace, defense, electronics, floor coatings, construction, and infrastructure repair.
About ShoreView Industries
ShoreView Industries, based in Minneapolis, MN, manages $900 million in private equity funds. ShoreView invests in established, middle-market companies with operations in North America, across a wide range of industries. ShoreView structures a variety of acquisition, recapitalization, and build-up transactions, typically in businesses with revenues ranging between $20 million and $300 million.