Flacks Group, a global investment firm based in the United States, has acquired Kelly-Moore Paint Company, a manufacturer and retailer of premium paints and coatings in the United States. Financial terms of the transaction were not disclosed.
Founded in San Carlos, Calif., in 1946, Kelly-Moore Paints is one of the nation’s largest independent paint companies, with more than $400 million in annual revenue and more than 1,200 employees. The company distributes products through 157 company-managed retail stores and a network of authorized retailers across North America. Kelly-Moore Paints produces its paint products at its manufacturing facilities in Hurst, Texas. The company says it sells 90 percent of its products to professional paint contractors and other trade professionals.
“Our customers are at the center of everything we do and, under the ownership of Flacks Group, we will have the resources and ability to continue to innovate and deliver the best products and experiences to our customers in the professional paint industry and remain highly competitive in the marketplace,” said Steve De Voe, chairman and chief executive officer of Kelly-Moore Paints.
“Kelly-Moore Paints is a true legacy brand that resonates across multiple generations,” said Charles Gassenheimer, managing director at Flacks Group.
The purchase of Kelly-Moore Paints is part of Flacks Group’s multistage investment thesis around industrial companies with strong manufacturing footprints and global distribution. According to the company, the acquisition, when combined with its existing portfolio company, Pleuger Industries, in Germany, may put Flacks Group’s industrial vertical on track to exceed $1 billion in revenue in the next two to three years.