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Maranon Capital Supports Audax’ California Products Corporation Acquisition

November 06, 2015, 07:02 AM
Filed Under: Manufacturing

Maranon Capital, L.P. announced that it was lead arranger and administrative agent for a group of lenders that provided second lien debt, mezzanine debt, and an equity co-investment to support the purchase of California Products Corporation (“CPC”) by Audax Private Equity (“Audax”).

With the acquisition of CPC, a formulator of specialty coatings for the architectural, sports surfaces, and specialty construction segments, and its previous investment in Nicoat, a formulator of specialty packaging and commercial print coatings, Audax has established a new platform in the coatings and adhesives end markets.

CPC, founded in 1926 and based in Andover, Massachusetts, is a leading provider of branded, premium architectural interior and exterior paints and stains, tennis court and other sports surfaces coatings systems, and mold and abatement remediation coatings. CPC and Nicoat will continue to operate as standalone business units of the combined platform, leveraging benefits through raw material purchasing, technological collaboration, and shared services. Audax acquired CPC from Delos Capital. Delos will continue as a shareholder in the combined platform. Additional information about CPC and Nicoat can be found at, and, respectively.

Maranon Capital, L.P. is an alternative investment management firm focused on private credit investments in middle market companies. Maranon’s competitive edge is its multi-product strategies that span the balance sheet with value-added financing and equity co-investments. Since 2008, Maranon has raised $1.5 billion of institutional capital across private funds and managed accounts and invested $1.8 billion in more than 100 portfolio companies.

Audax Group is an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York and Menlo Park, Audax has over $6 billion in assets under management in its Private Equity, Mezzanine, and Senior Debt businesses.

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