FAIRLAWN, OH, November 14, 2016 – A subsidiary of Sangetsu Corporation (“Sangetsu”), a leading distributor of interior design products, announced today the purchase of Koroseal Interior Products Holdings, Inc. (“Koroseal” or the “Company”) from an affiliate of Peak Rock Capital.
Headquartered in Fairlawn, Ohio, Koroseal is a leading distributor of commercial interior products. The Company’s core product portfolio of commercial wallcoverings, wall protection systems and dry-erase wallcoverings are utilized by interior designers, architects, contractors and corporations, and are primarily featured in the hospitality, healthcare, corporate, retail, and education markets.
Sangetsu was originally founded in 1849 during the Edo Period. With headquarters in Nagoya, Japan and offices and showrooms across the nation, Sangetsu’s corporate mission is to enrich living spaces in Japan through their corporate activities and innovation in design. Their management vision is to transform a stable, healthy enterprise into one positioned for sustainable long-term growth. With this acquisition, Sangetsu will work closely with the management of Koroseal to continue that growth and have a positive impact on the stakeholders of the now multi-national partnership.
Rich Runkel, Chief Executive Officer of Koroseal, said, “I would like to thank Peak Rock Capital for their support and expertise over the last two and a half years. I am extremely proud and excited to be working with Mr. Yasuda and the Sangetsu team. The partnership of Sangetsu and Koroseal is well positioned for the long-term. As a combined company, Sangetsu and Koroseal can utilize their leading positions across the Pacific to achieve greater heights together.”
Shosuke Yasuda, President and CEO of Sangetsu Corporation, said, “When I met Mr. Runkel and his management team for the first time, I was very much impressed by their high professionalism and I also found strong similarities between the businesses of Koroseal and Sangetsu. I am convinced that this coalition will surely bring higher growth of business to each company. I and all employees of Sangetsu are very much looking forward to working with Koroseal management and employees.”
ABOUT KOROSEAL INTERIOR PRODUCTS
Headquartered in Fairlawn, Ohio, Koroseal Interior Products is a leading manufacturer and distributor of commercial interior products, sold globally through a dedicated in-house distribution network. The Company’s core product portfolio includes commercial wallcoverings, wall protection systems and dry-erase wallcoverings. For further information about Koroseal Interior Products, please visit www.koroseal.com.
Headquartered in Nagoya, Japan, Sangetsu specializes in the development and sales of interior products including wallcoverings, flooring materials, curtains and upholstery. For further information about Sangetsu Corporation, please visit www.sangetsu.co.jp/english.