Sico Inc., Canada's largest paint manufacturer, has acquired Mills Paint Sales Ltd., the maker of Mills Paint and Richcraft architectural paint. The acquisition came through Sico's wholly owned subsidiary, Bétonel Ltée.
Mills Paint, founded in 1930, has headquarters and manufacturing in the Vancouver region. It operates a network of 11 paint stores across British Columbia and Alberta. The company had sales of approximately $9 million in 2004.
According to Pierre Dufresne, president and CEO of Sico, the acquisition is consistent with his company's strategy in the architectural sector. It also fits well with efforts to consolidate its presence in the Western Canadian market, as Mills Paint's store network will be integrated to Bétonel's operations.
"We will also strive to maximize the marketing synergies by building on the two companies’ complementary strengths and positioning. From the business standpoint, we will preserve the personality and brand image of Mills Paint, and continue to support its development and growth as a key supplier and preferred brand for professional painters and consumers, while building on its reputation," Dufresne said.