Press Release: Polytek® Development Corp. Announces Acquisition of Stone Coat Countertops
EASTON, PA & GRANTS PASS, OR - August 20, 2019 - Polytek® Development Corp. ("Polytek"), a manufacturer of specialty polymers for mold making and casting applications, announced today the acquisition of Stone Coat Countertops ("Stone Coat"). Polytek is a portfolio company of Arsenal Capital Partners.
Founded in 2014 and located in Grants Pass, Oregon, Stone Coat is a supplier of high-quality epoxy coating systems, casting systems, and related accessories. Focused on education and technical support, Stone Coat uses web-based channels and in-person demonstrations to teach artists, designers, woodworkers, and the do-it-yourself community how to create high-end, decorative surfaces and décor.
Stone Coat brings rich educational methods and platforms to Polytek's consumer brand portfolio and expands the company's ability to offer a diverse set of casting solutions.
Jonathan Kane, CEO of Polytek, commented "The acquisition of Stone Coat has completed the assembly of our 'dream team' in this marketplace and we are excited to get out on the court together."
Mike Quist, owner of Stone Coat added, "We are excited to work with a company whose values mirror our own and we look forward to collaboration and future growth."
Mike Quist will remain in his current role through the integration process, and the two companies will continue to do business under their existing names.
Genesis Capital, LLC acted as the financial advisor to Polytek.
About Polytek® Development Corp.
Founded in 1984, Polytek® Development Corp. is headquartered in Easton, PA with operations in Pomona, CA, Kalamazoo, MI, and Franklin, IN. Polytek is a leading manufacturer of specialty polymers including polyurethane elastomers and casting resins, silicone, latex, plastisol, thermoplastic elastomers, and epoxies. These systems are used primarily in mold making and casting applications in industrial, construction, entertainment, arts and crafts, and technology sectors. Polytek® brands include California Medical Innovations, Raw Material Suppliers, Alumilite, BCC Products, Environmental Technology, Inc., and Pro Marine Supplies. www.polytek.com
About Stone Coat Countertops
Established in 2014 and located in Grants Pass, OR, Stone Coat Countertops is the creation of long-time Contractors who were looking for a cost-effective solution to creating high-end, decorative surfaces. In 2017, owners Mike and Kathryn Quist launched the YouTube channel "Stone Coat Countertops" and started sharing educational videos that taught the viewer how to create unique surfaces with epoxy-based products. They quickly developed a loyal following of do-it-yourselfers, contractors, woodworkers, artists and hobbyists. Today, Stone Coat Countertops continues to provide epoxy coating and casting systems, complementary accessories, and technical support that allows artists and craftsmen to create one-of-a-kind decorative surfaces and décor with simple techniques and easy-to-use products. www.stonecoatcountertops.com
About Arsenal Capital Partners
Arsenal is a leading private equity firm that specializes in investments in middle-market specialty industrials and healthcare companies. Since its inception in 2000, Arsenal has raised institutional equity investment funds of $5.3 billion, completed 45 platform investments and achieved 30 realizations. Arsenal invests in industry sectors in which the firm has significant prior knowledge and experience and seeks companies typically in the range of $100 million to $500 million of initial enterprise value. The firm works with management teams to build strategically important companies with leading market positions, high growth, and high value-add. www.arsenalcapital.com