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RPM International's Rust-Oleum Group has acquired Citadel Restoration and Repair, a St. Paul, Minn.-based floor coatings business.
"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 CEO. "Patrick Ilfrey, majority owner of Citadel, will continue to lead the Citadel business as part of the Rust-Oleum Group."
The terms of the transaction were not disclosed, though the deal is expected to be accretive to earnings within one year.
Citadel, which specializes in concrete and wood deck floor coatings for contractors and DIYers, has annual sales of approximately $10 million.
Its solutions provide for a 24-hour cure, compared to market alternatives that require at least 72 hours of cure time.