l Sico Paint and General Paint Corp. recently made acquisitions to bolster their businesses in their home market. In early May, Sico, Canada’s largest paint company, acquired Para Inc., a Brampton, Ontario architectural paint maker, for $16.9 million. The deal more than doubles Sico’s market share in Ontario, as more than half of Para’s 400 point-of-sale locations are located in Ontario.
Para Inc., founded in 1915, manufactures architectural coatings and is the exclusive distributor of Sikkens stains in Ontario. Para tallied sales of approximately $49 million in 2002.
“From the business standpoint, we will preserve Para’s personality, brand image and market strategies, and continue to support its development and growth as a key supplier and preferred brand for independent paint specialists, while building on its excellent reputation with retailers, designers and professional painters,” said said Pierre Dufresne, who was slated to take over as president and CEO of Sico on May 30.
Two weeks before the Sico-Para accord, General Paint, the Vancouver-based subsidiary of Professional Paint Inc., announced its acquisition of Ideal Paints, a Toronto, Ontario-based paint maker specializing in architectural coatings. The deal includes distribution and service centers in Rexdale as well as three service centers in Pickering, Oakville and London, Canada.
“The acquisition of Ideal Paints is an integral component in our growth plan for Ontario,” said Rolph Alden, president, General Paint. “Ideal Paints is a well recognized and respected brand which will provide General Paint with a significant position in the Ontario marketplace.
Para Paint, Ideal Paint Bought By Larger Firms
Published August 10, 2005
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