Apollo invests in coatings maker(4)

Apollo Management has added California Products Corporation to its manufacturing portfolio, just weeks after paying $10.6 billion for specialty chemical maker Huntsman.

Apollo Management has made an investment of an undisclosed size in California Products Corporation, a maker of architectural coatings including house paints and tennis court surface materials.

California Products'
tennis court coating

“This strategic alliance with Apollo provides California with excellent growth prospects, the ability to maintain its current management structure, corporate culture, and the opportunity to enhance customer services,” California chief executive officer Joe Junkin said in a statement. Apollo could not be reached for comment on the deal.

Apollo has been involved in a series of large deals in the chemicals and manufacturing space. Last year the firm paid $975 million (€691 million) for Tyco’s plastics, adhesives and coated products division, which now operates as Covalence Specialty Materials, and acquired GE Advanced Materials for $3.8 billion, later renaming the company Momentive Performance Materials.

More recently, Apollo beat out Russian billionaire Len Blavatnik to acquire US chemical manufacturer Huntsman for $10.6 billion in August.