CLEVELAND and BOSTON, Oct. 15, 2021 /PRNewswire/ -- MPE Partners ("MPE" or "Morgenthaler Private Equity") announced today the recapitalization of DecoArt (the "Company"), a leading manufacturer of paints and finishes for arts, crafts, and home decorating applications. MPE's investment positions DecoArt for accelerated growth while ensuring the Company remains an industry leader and a committed partner to all customers.
MPE partnered in the transaction with DecoArt's founder, Stan Clifford, as well as several members of the senior management team, led by incoming CEO, Jonathan Kane. As part of the investment, Stan Clifford will be transitioning the day-to-day responsibilities to Jonathan Kane, but will remain involved in evaluating add-on acquisition opportunities and serve as a member of DecoArt's Board of Directors. Matt Yohe, Partner at MPE, said, "Since its founding over 35 years ago, DecoArt has developed a reputation for superior quality and new product innovation."
Joe Machado, Partner at MPE, added, "We are looking forward to partnering with Stan, Jonathan, and the DecoArt team to build upon the Company's strong brand name and execute on attractive organic and inorganic growth strategies."
Stan Clifford said, "MPE's financial and operational resources will accelerate our growth as we continue to innovate and deliver quality products to our customers." Jonathan Kane added, "I am excited to join the DecoArt team and build upon the strong culture that Stan has created over the last four decades. We are excited to utilize MPE's resources and capabilities to support DecoArt's next phase of growth."
Benesch, Friedlander, Coplan & Aronoff served as legal counsel for MPE Partners. Terms of the transaction were not disclosed.
Headquartered in Stanford, KY with an additional location in Lexington, KY, DecoArt is a leading manufacturer of paints and finishes for arts, crafts, and home decorating applications. For more information, please visit www.decoart.com.
About MPE Partners
MPE Partners ("MPE" or "Morgenthaler Private Equity") seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with transaction values up to $250 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
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SOURCE MPE Partners