PPG Industries (NYSE: PPG) is buying Homax Group Inc. from Olympus Partners, which has been selling off brands of the home repair products company for several years.
Stamford, Connecticut-based Olympus Partners has owned Homax for about a decade.
In 2011, Olympus sold the Homax Black Flag and TAT brands to Spectrum Brands Holdings, a consumer products company, for an undisclosed price. Before that, the firm sold two Homax product lines to W.M. Barr & Co., a specialty cleaning products company.
Homax, headquartered in Bellingham, Washington, provides decorative wall and ceiling texture repair products, including aerosol drywall, epoxy finishes, patching, caulking and mesh-tape products. Homax's products are sold through major home improvement centers, hardware stores and paint suppliers. Terms were not disclosed.
Pittsburgh-based PPG is making the acquisition through PPG Architectural Coatings, which focuses on residential and commercial coatings and products. The business produces paints, coatings and stains under many brands, including Flood, Glidden, Liquid Nails, Manor Hall, Olympic, PPG Pittsburgh Paints, PPG Porter Paints, PPG Paints and Sikkens.
Olympus manages about $5 billion on behalf of corporate pension funds, endowment funds and state-sponsored retirement programs. The firm focuses primarily on consumer products, business services, restaurants, health care and financial services investments.
Sawaya Segalas & Co. LLC advised Homax throughout the sale process.