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Argosy Exits UC Coatings Corporation
On January 3, 2018, Argosy Investment Partners IV, L.P., a fund managed by Argosy Private Equity (“Argosy”) exited its investment in UC Coatings Corporation. Argosy partnered with Sidereal Capital Group, LLC, an independent sponsor, to acquire UC Coatings, develop its strategic plan and execute upon the strategic growth plan resulting in a larger, more profitable business and successful exit.
Headquartered in Buffalo, NY, UC Coatings is a leading manufacturer and distributor of specialized emulsion coatings and wood protection products for the logging, lumber, furniture and woodworking industries. The company’s flagship ANCHORSEAL® branded products are an industry leading line of wax-based emulsion end sealers designed to prevent splitting and degradation of freshly sawn, high-value hardwood lumber during the drying process.
Argosy made its investment in the company in November 2013 providing a majority of equity capital for the buyout of the family-owned business. The original investment thesis called for organic growth from a rebound in the housing and commercial real estate markets, increased investment in new product development efforts, international sales expansion and acquisitions. The investment delivered on each of these initiatives, and the business was able to grow EBITDA substantially.