Private equity firm buys Dominion Colour Corp.
Headquartered in Toronto, Dominion Colour was founded in 1946. The new owner, H.I.G. Capital, is based out of Miami, Fla.
Toronto-based colourant supplier Dominion Colour Corporation (DCC) has been purchased by private equity firm H.I.G. Capital.
The terms of the deal have not been disclosed.
DCC supplies pigments to plastics, coatings, specialty inks, and paints markets. Founded in 1946, the company has more than 400 customers in 70 countries. DCC operates plants in Canada, the Netherlands, and the UK, as well as technical sales offices throughout the Americas, Europe, and Asia.
“We are very pleased to be partnering with the DCC team. DCC has been a leader in designing, developing and manufacturing new and innovative colour pigments for more than 70 years,” said Keval Patel, managing director at H.I.G., which is headquartered in Miami, Fla. “We plan to work with the team to further expand the product portfolio both organically and through acquisitions, creating the most complete set of high performance pigment solutions in the market to meet the needs of DCC’s large and growing customer base.”
Michael Klein and Jack Nelligan, who have been DCC`s CEO and CFO, respectively, will remain as minority shareholders and will provide consultancy support for a transitionary period. Mark Vincent, who was executive vice president, will lead DCC as its new CEO.
The DCC purchase is not H.I.G.`s first involvement in the plastics industry. In 2014, the firm acquired the North American polymer additives business of Ferro Corporation for US$154 million, and then changed the company name to Valtris; and earlier this year, it purchased specialty chemicals company Akcros Holdings Ltd. for an undisclosed price.