NEW YORK, Oct. 4, 2004 (PRIMEZONE) -- Principals of The Jordan Company and its affiliates ("Jordan") today announced that Professional Paint, Inc. ("Pro Paint"), a company formed by Jordan, has completed its merger with a subsidiary of Consorcio Comex S.A. de C.V. ("Comex"). As a result of the merger, Jordan has sold its entire interest in Pro Paint.
According to Adam E. Max, Senior Principal at Jordan, "This brings to conclusion a very successful partnership with Pro Paint's management and a very profitable investment in the architectural coatings industry. We wish our friends at Pro Paint continued success with their new partners at Comex, and believe the combination of Pro Paint and Comex will create both a bigger and better North American paint company."
Comex, the leading architectural paint brand in Mexico, distributes its products through more than 3,000 exclusive stores and operates four factories and four distribution centers. In addition to architectural paints, Comex manufactures industrial coatings, automotive paints, roof coatings, wood care products, and aerosols. Annual revenues are approximately US $520 million.
Professional Paint is the parent company of several leading regional architecture paint companies, including Frazee Paint (San Diego, CA); Kwal Paint (Denver, CO); Parker Paint (Tacoma, WA); Stellar Kwal Paint Company (Dallas, TX); General Paint (Vancouver, Canada); Ideal Paint (Toronto, Canada) and Duckback Products (Chico, CA). Pro Paint has annual revenues of approximately US$ 500 million.
About The Jordan Company
The Jordan Company, L.P. is a New York-based investment firm with approximately $2.5 billion of capital under management that has been sponsoring and investing in middle market leveraged buyout transactions for more than 20 years. Jordan currently has a portfolio of private equity investments representing more than $4.0 billion in annual revenue.