RPM International Inc.'s Rust-Oleum Group has acquired Citadel Restoration and Repair, Inc., a producer and marketer of premium concrete and wood deck floor coatings for both the professional contractor and do-it-yourself (DIY) markets. Based in North St. Paul, Minnesota, Citadel has annual sales of approximately $10 million. Terms of the transaction, which are expected to be accretive to earnings within one year, were not disclosed.
Citadel's unique formulation of concrete floor coatings allows for a quick 24-hour cure, compared to conventional systems that require at least 72 hours of cure time. The company's Citadel brand is marketed to professional contractors, while its Rock Solid brand is targeted to the DIY market. Citadel also offers a premium line of Rock Solid exterior wood care products that provide performance advantages over conventional stains.
"Citadel has an outstanding technology platform that we believe can be rapidly expanded in the marketplace by utilizing Rust-Oleum's marketing and distribution expertise," stated Frank C. Sullivan, RPM chairman and chief executive officer. "Patrick Ilfrey, majority owner of Citadel, will continue to lead the Citadel business as part of the Rust-Oleum Group."
