|By Marketwired .||
|July 9, 2014 12:13 PM EDT||
ANDOVER, MA -- (Marketwired) -- 07/09/14 -- California Products Corporation, a Delos Management portfolio company, is pleased to announce the acquisition of certain assets of The Muralo Paint Company. Muralo Paints, founded in 1894 and headquartered in Bayonne, New Jersey manufactures paints and coatings that are sold through paint retailers in over 20 states. The acquisition includes certain Muralo and Graham brands and product lines including Spackle, Adhesium and other associated lines.
The acquisition of the Muralo Paint brands offers California Paints many opportunities for expanding its brands and product lines while reinforcing its long-term commitment to its employees and customers. "This acquisition provides an opportunity to leverage our skilled workforce and state of the art manufacturing facility," states California Products' Chairman and CEO Peter Longo. "This transaction offers a strategic fit that will add complementary products, brands, and geographies. We are committed to expansion and business augmentation and will continue to seek out market opportunities to advance our brands and products."
Several individuals from Muralo will be joining the California team in the areas of management, sales, customer service and distribution. California is pleased to announce that Jim Norton, President & CEO will join the California management team. "I am pleased to be joining an organization whose commitment to quality, service and customers mirrors my 40 plus years in business," states Jim Norton. I look forward to the continued support of our existing customer base, while adding the well recognized values of the California Paints offering."
Matt Constantino of Delos Management said, "We strongly support California Products' efforts to expand within the architectural coatings market and believe that this transaction will further its goal and also make a commitment to the industry on our future." Constantino continued, "We are pleased to partner with a well respected company that has thrived for more than a century under strong and innovative leadership. Continuing on our strategy to become a leading provider of high quality paints and coatings, our partnership with The Muralo Company positions the combined businesses to better serve and facilitate the growth of our customers.
About California Products Corporation
Headquartered in Andover, Massachusetts, California Products is a leading-edge manufacturer of California Paints® and Storm System® architectural coatings, including 2010® and Fres-Coat® Velvet Flat, the #1 house paints as rated by a leading consumer magazine for ten consecutive years. Its Sports Division is the world's largest producer of acrylic athletic surfacing materials, primarily for tennis and running tracks. DecoTurf® Plexicushion® and Rebound Ace® tennis surfacing products are selected for use at the world's most prestigious tennis events including the US Open and the Australian Open. Fiberlock Technologies®, a wholly run subsidiary, offers the broadest and most comprehensive product lines used to address environmental, safety and health hazards. For more information, visit www.calprocorp.com
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