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Odyssey Investment Partners Acquires Painters Supply and Equipment

NEW YORK, August 17, 2021-- Odyssey Investment Partners ("Odyssey") announced that it has acquired Painters Supply & Equipment Co. ("PSE" or "the Company"), a leading specialty distributor of paint, coatings, and related consumables serving the automotive refinish, commercial and diversified industrial markets. Financial terms of the transaction were not disclosed.

PSE provides more than 8,000 customers with a wide variety of specialty coatings and services spanning industries and applications, including collision, commercial, industrial, architectural, and aerospace. As the largest PPG Platinum distributor in the U.S., it is an integral part of the auto refinish supply chain with key vendor relationships built over multiple decades. The Company has grown substantially in recent years, supported by ten acquisitions since 2017 and significant operational investments in talent and technology.

"PSE is a highly compelling investment opportunity with an outstanding business model that delivers recurring revenue as well as superior value to both vendor partners and customers," said Jason Cowett, a Managing Principal at Odyssey. "The Company's supply chain expertise across diverse industries, commitment to customer service, and successful M&A strategy have enabled significant scale and market share gains. PSE is well positioned for accelerated growth through geographic and category expansion as well as continued consolidation of fragmented markets. We are excited to support CEO Patrick Mayette and the existing leadership team, who will continue to lead the Company through its next phase of growth."

"Jason and the Odyssey team are the ideal partners for us to fuel our long-term strategic growth plans," said President and CEO Patrick Mayette. "We have built the industry-leading PSE brand over many decades through our unwavering commitment to being the premier distributor of high-quality auto refinish and industrial coatings. More recently, we have been executing a highly focused plan to strengthen our competitive advantages and build out our national platform. Today we are armed with the right resources and infrastructure to take advantage of the attractive organic and inorganic opportunities in front of us, and we welcome this new collaboration to help move us forward."

Latham & Watkins LLP served as legal advisor to Odyssey and Stifel, Nicolaus & Co., Inc. served as financial advisor.

About Painters Supply & Equipment

Founded in 1952 and headquartered in Taylor, Michigan, PSE has grown to 50 branch locations and three distribution centers across Michigan, Georgia, Illinois, Indiana, Maryland, Missouri, Ohio, Pennsylvania and Virginia. PSE serves more than 8,000 customers, including collision repair shops, auto dealerships, fleet operators, and various other commercial, industrial, and aerospace businesses. PSE maintains strong market share across its footprint. For more information about Painters Supply & Equipment Co., visit www.painterssupply.com.

About Odyssey Investment Partners

Odyssey Investment Partners, with offices in New York and Los Angeles, is a leading private equity investment firm with more than a 25-year history of partnering with skilled managers to transform middle-market companies into more efficient and diversified businesses with strong growth profiles. Odyssey makes majority controlled investments in industries with a long-term positive outlook and favorable secular trends. For further information about Odyssey, please visit www.odysseyinvestment.com.

Contact:
Mark Fallati / Ross Lovern
Kekst CNC
mark.fallati@kekstcnc.com / ross.lovern@kekstcnc.com
(646) 629-1323 / (917) 842-7205


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