Caltius Equity Partners has acquired a controlling interest in National Industrial Coatings, Inc. (Nicoat). Founded in 1982, Nicoat is a developer and manufacturer of customized overprint coatings for graphic arts, flexible packaging and other specialty coating applications. Headquartered in Itasca, Illinois, Nicoat sells its products throughout North America and has a rapidly growing presence in Latin America. Based in Los Angeles, Caltius Equity Partners has been making control and substantial minority equity investments in amounts of $5 million to $20 million since 1999. Caltius Equity Partners invests in the consumer and business services, education, healthcare services, and light manufacturing industries.