The Flowcrete
Group, a Manchester, England-based maker of commercial flooring, has been
acquired by RPM, a U.S.-based holding company whose products
include Rust-Oleum, Day-Glo, Stonhard and DAP. Plans call for Flowcrete to
operate as a “stand-alone business” under its current management team. In addition
to its namesake Flowcrete line, it will continue to market the brands Flowfresh,
Isocrete, Deckshield and Mondeco, which are predominately used in manufacturing
plants and other heavy traffic environments. Terms of the deal where not disclosed.
The Flowcrete
Group, a Manchester, England-based maker of commercial flooring, has been
acquired by RPM, a U.S.-based holding company whose products
include Rust-Oleum, Day-Glo, Stonhard and DAP. Plans call for Flowcrete to
operate as a “stand-alone business” under its current management team. In addition
to its namesake Flowcrete line, it will continue to market the brands Flowfresh,
Isocrete, Deckshield and Mondeco, which are predominately used in manufacturing
plants and other heavy traffic environments. Terms of the deal where not disclosed.
In announcing the acquisition, RPM officials noted that Flowcrete has expanded
aggressively in international markets, especially Europe and Asia. The acquisition represents an “opportunity for
further penetration into the growing global resin/seamless floor market,” an RPM spokesperson said. Based in Medina, Ohio RPM employs about 9,400 people and last year reported
sales of $3.3 billion. Flowcrete, which has a total work force of approximately
350, reports annual sales of about $85 million.
"In this
fast growing and highly fragmented market, service and reputation are critical
to long-term growth,” explained RPM's president and chief executive officer Frank C.
Sullivan, in announcing the acquisition. “Flowcrete is a strong global
franchise with an excellent team of people,”
Mark Greaves,
who will continue his post as group managing director for Flowcrete, noted that
the transaction will help his 26-year old company grow. “We have been looking for
some time at ways to raise funds for the group to give it the financial muscle
to make further acquisitions.” said Greaves. “This deal will enable the company
to grow and expand, both in the UK and overseas. Our brief is to
further aggressively expand the business to become the world’s leading
specialist flooring company,” he said.
RPM acquires UK-based Flowcrete
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