National Coatings Inc. in Traverse City has been acquired by Color Masters Painting of Raleigh, N.C.
Terms of the deal were not disclosed.
Established in 1996, National Coatings a commercial and industrial painting company. National Coatings has completed large-scale projects that include Coors Field, Colorado’s state capitol dome, U.S. Department of Homeland Security facilities, and the Denver Bronco’s stadium.
The sale’s closing in mid-May came months after the Dec. 2, 2015 death of National Coatings founder Patrick Burden.
Color Masters employs 120 people and will add 160 employees with the acquisition as it targets 2017 sales of $30 million, according to owner and founder Zeb Hadley said.
M&A firm Calder Capital LLC in Grand Rapids represented National Coatings and sourced the buyer.
Max Friar, managing partner of Calder Capital, said the deal follows an increase in business acquisitions that he’s seen during 2016.
“We are witnessing quite a few transactions that are similar in nature to the National Coatings (and) Color Masters Painting transaction. Progressive, younger, growth-oriented buyers are teaming up with resources like the (U.S. Small Business Administration) to acquire businesses from retiring boomers,” Friar said. “Based on current deal momentum, we expect to see a lot more of this type of activity in manufacturing, construction, service and distribution in Michigan throughout 2016 and into next year.”