Sico, Inc., has acquired, through its wholly owned subsidiary, Bétonel Ltée, all shares of Mills Paint Sales Ltd., an architectural paint manufacturet based in the Vancouver region. Founded in 1930, Mills Paint operates a network of eleven specialty paint stores across British Columbia and Alberta.
Mills Paint manufactures and distributes, mostly under the Mills Paint and Richcraft trademarks, a full line of architectural paints and related products to professional painters and consumers. Its sales were approximately $9 million in 2004.
According to Sico, the acquisition is consistent with its development strategy for the architectural sector, while being instrumental in consolidating its presence in the Western Canada market. The existing specialty store network will be integrated to Bétonel’s operations and will as a result benefit from its expertise. Moreover, this acquisition will provide Bétonel with the opportunity to pursue its expansion in a region with high growth potential.
“We will also strive to maximize the marketing synergies by building on the two companies’ complementary strengths and positioning,” said Pierre Dufresne, president and CEO, Sico. “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. We are pleased we can count on the future contribution of Mills Paint’s current management team, who will bring to Bétonel their in-depth knowledge of the British Columbia and Alberta paint markets. Their expertise will contribute to the success of Mills Paints integration into the Sico family and its future growth.”