Pittsburgh Paints Company Gains New Independence with AIP Acquisition
Deal News | Dec 02, 2024 | AIP (American Industrial Partners)
American Industrial Partners (AIP) has finalized its acquisition of PPG’s U.S. and Canadian architectural coatings businesses, renaming the established company as The Pittsburgh Paints Company. With a heritage spanning 125 years, Pittsburgh Paints Co. focuses on producing industry-leading interior and exterior coatings for both professional and DIY markets across North America. The company will also distribute PPG’s Protective and Marine Coatings within the region. In this transformative deal, Rick Hoffman of AIP highlighted Pittsburgh Paints Co.'s potential for growth owing to its broad foundation and respected brand portfolio. Jaime Irick, CEO of Pittsburgh Paints Co., expressed excitement about future opportunities driven by a strategic vision for enhancement and growth. AIP, an industrial-focused investor, manages assets worth $17 billion and is known for its work with strong management teams in building long-term value. The reorganized company's product availability spans major retailers like Home Depot, Walmart, and Lowe's, alongside dedicated company stores, under renowned brands such as GLIDDEN, OLYMPIC, and DULUX.
Sectors
- Industrial Investment
- Paint and Coatings
Geography
- United States – The headquarters of Pittsburgh Paints Co. is located in Cranberry Township, Pennsylvania, and the acquisition involves U.S. operations.
- Canada – The acquisition includes the Canadian operations of PPG's architectural coatings business.
Industry
- Industrial Investment – The acquisition falls under the industrial investment sector, as American Industrial Partners focuses on investing in industrial businesses across various markets.
- Paint and Coatings – Pittsburgh Paints Co. operates within the paint and coatings industry, providing architectural coatings to professionals and DIYers across North America.
Financials
- $17 billion – The assets under management by American Industrial Partners.
- $26 billion – The aggregate annual revenues generated by AIP's portfolio companies as of September 30, 2024.
- 74,000 – The number of employees across AIP's portfolio companies as of September 30, 2024.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| American Industrial Partners | Acquirer | Company | An industrial-focused private equity firm with approximately $17 billion in assets under management. |
| PPG | Vendor | Company | A major global supplier in coatings and specialty materials with a wide product portfolio. |
| The Pittsburgh Paints Company | Target Company | Company | The newly formed company following the acquisition, focusing on architectural paint products. |
| Rick Hoffman | Partner at AIP | Person | A partner at American Industrial Partners, responsible for implementing the firm's strategic objectives. |
| Jaime Irick | CEO of The Pittsburgh Paints Company | Person | The Chief Executive Officer of the newly independent Pittsburgh Paints Company. |