Industry News

ThermaCell to Acquire American Paints

Published on 2002-03-27. Author : SpecialChem

ThermaCell Technologies, Inc. has acquired regional paint manufacturer and distributor American Paints, Inc. of Pompano Beach for 527,000 shares of restricted common stock.

In late September, 1998, ThermaCell had signed a letter of intent to acquire American Paints for a combination of cash and stock valued at $1 million, but later both sides terminated discussions. Negotiations began anew and converted to an all stock deal, reportedly as a result of the recent gains in the price of ThermaCell's stock, which has climbed approximately 200% since September to its current $1.50-$2.00 range.

Founded in the late 1970s, American Paints manufactures and markets specialty roof and metal coatings through its own retail outlet, a network of distributors, and on a direct basis to regional contractors. American Paints is ThermaCell's third acquisition in three years. ThermaCell acquired C. F. Darling Paint & Chemicals of Holiday, FL in 1995, Atlas Chemical of Miami in 1997, and Ladehoff Paint of Phoenix in March 1998.

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