Medina, Ohio-based RPM International Inc. announced that its Performance Coatings Group acquired API S.p.A., a $28 million producer and installer of polyurethane and urethane-based flooring and decking solutions for cruise ships, megayachts and naval applications.
Based in Genoa, Italy, API also produces epoxy and polyurethane flooring systems for the Italian building market.
API will continue to be led by Giorgio Magnaghi, managing director and grandson of company founder Mario Magnaghi, along with his management team, which includes Vittorio and Beniamino Magnaghi, also grandsons of the founder.
Terms of the deal were not disclosed.
“API enhances RPM's presence in the decorative flooring market and will complement the strengths of our Stonhard and Flowcrete commercial polymer flooring businesses,” RPM chairman and chief executive Frank Sullivan said in a statement. “We're fortunate to have Giorgio Magnaghi and his team continue to run this business as part of RPM, and their joining with us is yet another example of RPM's appeal as an ideal home for entrepreneurs in our industry.”