Coatings business PPG Industries (NYSE: PPG) has acquired paint store operator Consorcio Latinoamericano for an undisclosed amount.
Consorcio operates a network of 57 paint stores in Central America, which after the deal closes will allow PPG to expand its operations in the area. The buyer is looking to grow the Glidden brand in Panama. After the transaction is completed, PPG will have 87 company-owned stores in Belize, El Salvador, Guatemala, Honduras, Costa Rica, Nicaragua and Panama. Consorcio has been operating as a concessionaire network for coatings company PPG-Comex, which PPG has owned since November. Pittsburg-based PPG won Mergers & Acquisitions M&A Mid-Market Strategic Buyer of the Year Award after making a handful of middle-market acquisitions in 2014, in addition to Comex. The business, which used to be a glass company, has transitioned solely to coatings, and is a serial acquirer. In March, PPG announced a deal for wood stain brand Flood Australia. The company's brands include Flood, Glidden, Liquid Nails, Manor Hall, Olympic, PPG Pittsburgh Paints, PPG Porter Paints, PPG Paints, Sikkens and many others. For more on M&A activity in the coatings space, see Innovations in Coatings and Sealants Spark M&A.