MEXICO CITY, Aug. 25, 2004 (PRIMEZONE) -- Cosorcio Comex S.A de C.V. (Comex), Mexico's largest paint manufacturer, has executed a merger agreement with affiliates of The Jordan Company to acquire the stock of Professional Paint, Inc. (PPI), which is based in Lone Tree, Colorado.
Comex, the leading architectural paint brand in Mexico, distributes its products through more than 3,000 exclusive stores and operates four (4) factories and four (4) distribution centers. In addition to architectural paints, Comex manufactures industrial coatings, automotive paints, roof coatings, wood care products, and aerosols. Annual revenues are approximately U.S. $520 million.
Professional Paint is the parent company of several leading regional architectural paint companies, including Frazee Paint (San Diego, CA); Kwal Paint (Denver, CO); Parker Paint (Tacoma, WA); Stellar Kwal Paint (Dallas, Texas); General Paint (Vancouver, Canada); Ideal Paint (Toronto, Canada); and Duckback Products (Chico, CA). PPI has annual revenues of approximately U.S. $500 million.
According to Comex's CEO, Marcos Achar, "Comex is excited by the prospect of partnering with a proven company like PPI to create a company that can build significant share in the market from Canada to Panama. The two companies have complementary, not competing, strengths and strong management teams. We believe that the historic strengths of these two companies mean a combined business that is much, much more than the sum of its parts."
PPI's CEO Kent Child commented, "This merger of Comex and PPI provides both companies with the synergies and impetus to achieve future growth objectives and forms the base for a strong international company."
"This appears to be a great deal for all of the parties concerned," said Adam E. Max, Senior Principal of The Jordan Company, L.P. "Kent Child and his team have forged the regional brands of PPI into a formidable player in the U.S. and Canadian architectural coatings industry. We are very pleased to have found such a strong partner in Comex to help management continue to build PPI's business."
For further information, please contact:
Kent Child, CEO Professional Paint, Inc kchild@propaint.com Marcos Achar, CEO Comex marcosacharl@comex.com.mx Adam E. Max, Senior Principal The Jordan Company, L.P. amax@thejordancompany.com Scott Tanner Millennium Media Consulting 703.519.1922 sctanner33@AOL.com