Audax Private Equity & Moelis Capital Partners Announce Sale of Quest Specialty Chemicals’ Automotive and Industrial Businesses

Boston, MA-June 02, 2015

Audax Private Equity (“Audax”) and Moelis Capital Partners (“MCP”) have completed the sale of Quest Automotive Products (“QAP”) and Quest Industrial Products (“QIP”), divisions of Quest Specialty Chemicals, Inc. (“Quest”) to The Valspar Corporation (“Valspar”; NYSE:VAL), headquartered in Minneapolis, Minnesota. Quest continues to own Quest Construction Products (QCP), a leading formulator of specialty construction coatings and protective pavement systems.

QAP manufactures automotive refinish coatings, fillers, putties, and other accessories primarily under the Matrix®, Pro-Spray®, and USC® brands globally, and QIP serves both the professional and consumer markets with aerosol spray products and coatings for industrial applications under the Patriot®, Raabe® and Precision Color® brands. Since Audax’ and MCP’s initial investment in 2011, QAP and QIP completed two acquisitions, expanding QAP’s automotive refinishing product offering with additional products and brands, and growing its international sales footprint. Additionally, QIP expanded its offering into the OEM industrial coatings market through the acquisition of Patriot®.

Geoffrey S. Rehnert, Co-CEO of Audax Group, said: “Doug Mattscheck and the entire Quest team have done an excellent job of building the automotive and industrial businesses into market leaders through transformational acquisitions and organic growth.”

Kurt Larsen, Managing Partner of Moelis Capital Partners, said: “We have enjoyed our successful partnership with Audax and applaud management for Quest’s consistent outperformance and industry leadership. We wish QAP and QIP continued success with Valspar and we look forward to working with the Quest team as we further build the QCP business.”

Doug Mattscheck, CEO of Quest, said: “Audax Private Equity and Moelis Capital Partner’s expertise in helping us execute our buy and build strategy was a key factor in improving Quest’s market position, and expanding our product offering and geographic presence.”

Moelis & Company LLC and Piper Jaffray & Co. advised Quest. Kirkland & Ellis LLP and Fredrikson & Byron, P.A. served as legal counsel to Quest.

About Quest:

Quest is one of the largest privately-owned specialty coatings companies in the world, providing a broad range of solutions for customers across a diverse set of automotive aftermarket, construction, and industrial applications. Operating from 6 manufacturing facilities in the United States and Europe, Quest delivers high-value-add, premium-quality products supported by unparalleled commercial and technical service to 4,000 customers in 75 countries.

About Audax Private Equity:

Since its founding in 1999, Audax Private Equity has focused on building leading middle market companies. In the last ten years, Audax has invested over $3 billion in 86 platform and 381 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is a part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and Menlo Park, Audax Group has over $6 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses.

About Moelis Capital Partners:

Moelis Capital Partners, an affiliate of Moelis Asset Management, is a middle market private equity firm founded in 2007. MCP manages approximately $870 million of committed private equity capital and specializes in traditional private equity investments in the middle market. For more information, please visit