Apex Vantage Partners
CoreShield Industrial Rollup Thesis
May 2025
U.S. industrial coatings distribution revenue
Top-8 operators hold only 18% share
No single national distributor
340+ independent operators
Median revenue: $38M
MARGIN VS. RECENT BUYOUTS
$44M
Revenue
$61M
Revenue
$29M
Revenue
$52M
Revenue
340bps margin expansion to 19.7%
Conservative 2.6x Initial Leverage
| Source | Amount |
|---|---|
| Equity (Apex Vantage) | $85M |
| Senior secured debt | $95M |
| Seller note | $12M |
| Total Sources | $192M |
| Use | Amount |
|---|---|
| Platform equity (6.2x EBITDA) | $178M |
| Fees and OID | $8M |
| Cash to balance sheet | $6M |
| Total Uses | $192M |
0–12 months
12–30 months
30–48 months
"We have run this exact integration playbook twice. CoreShield is the cleanest entry point I have seen in 15 years."
— Karen Solberg, CEO
Chief Executive Officer
Prev. COO, DeltaCoat
Chief Financial Officer
Prev. PwC Industrials
Business Development
Sourced 11 add-ons in prior fund
Operations
6 plant integrations
Base Case Requires No Multiple Expansion
Exit EBITDA: $42M • Exit multiple: 6.8x
Exit EBITDA: $52M • Exit multiple: 8.2x
Exit EBITDA: $38M • Exit multiple: 5.9x
Exit EBITDA: $34M • Exit multiple: 5.5x
Co-invest rights on all add-ons
Board seat plus observer
Exclusivity expires June 30