Specialty Coating Systems

Industry Sector
Specialized Business Services
Deal Archetype
Secular Growth Play

SCS was a corporate orphan of UK-based conglomerate Cookson plc which we acquired through a limited auction process in December 2005. Under prior ownership as a non-core business, the company lacked a coherent strategic plan and was being managed for cash, not growth, despite a core coating technology with significant upside in several industrial applications, including medical. The core coating technology, Parylene, held a dominant 60% share of a market with significant room for expansion both in terms of geography and type of industrial application. Post closing, we worked closely with management and Bain & Company to redefine the “go-to-market” strategy. We transformed the sales process from reactive to proactive, partnering sales people with application engineers to support a more technical sales process with customers. In addition, we narrowed industry verticals from over ten to four, which included healthcare (medical devices), electronics, automotive, and military, but overall the heaviest focus was within healthcare.

We replaced the CEO and added positions at the CFO and HR level, as well as buying out a JV partner in Japan and opening a location in Costa Rica. We sold the business in June 2008 after increasing EBITDA organically from $9.7 million to $17.7 million.


The results shown above are unaudited on a gross basis before fees and expenses. 
Past performance is no guarantee of future results.