On May 31, 2006, Akzo Nobel N.V., the world's largest coatings manufacturer, announced that it had completed its purchase through a wholly owned subsidiary of Canada's Sico Inc. for $292 million to expand its architectural paints business. The deal gives the Arnhem, Netherlands-based buyer a leading position in Canada, where Sico is the top seller of paints, stains, adhesives, caulking, concrete repair products and decorating tools. Sico, whose main brands are Sico, Para and Betonel, achieved record sales in 2005 of $312 million. It employs 1,000 people in Canada, the US and Mexico. Sico's products are sold by more than 2,000 retailers. In connection with the transaction, Akzo Nobel and Sico entered into a support agreement and Akzo Nobel and certain principal shareholders entered into a lock-up agreement.
Jean-Paul Lortie, one of the principal shareholders, was represented by a team comprising Michel Demers, Charles G. Gagnon and Marc Rochefort of Desjardins Ducharme LLP. The Akzo Nobel legal team was led by Steve Miller, assistant general counsel. Akzo Nobel was advised by Blake, Cassels & Graydon LLP, with a team comprising Craig Thorburn, Philippe Décary, David Shaw, Alfred Buggé, Ted Betts, Ronan Levy, Natalie Bussière, Maria Amore, Nadia Fiorita, Jonathan Kahn, Katherine Girard, Jeffrey Trossman, John Leopardi, Jason Gudofsky, Angie Morris and Sébastien Guy. Sico, under the direction of general counsel Martine Bazinet, was advised by Stikeman Elliott LLP, with a team comprising Pierre Raymond, Steeve Robitaille, Benoît Dubord, Lydia Pham and Jean-Marc Fortin.
Jean-Paul Lortie, one of the principal shareholders, was represented by a team comprising Michel Demers, Charles G. Gagnon and Marc Rochefort of Desjardins Ducharme LLP. The Akzo Nobel legal team was led by Steve Miller, assistant general counsel. Akzo Nobel was advised by Blake, Cassels & Graydon LLP, with a team comprising Craig Thorburn, Philippe Décary, David Shaw, Alfred Buggé, Ted Betts, Ronan Levy, Natalie Bussière, Maria Amore, Nadia Fiorita, Jonathan Kahn, Katherine Girard, Jeffrey Trossman, John Leopardi, Jason Gudofsky, Angie Morris and Sébastien Guy. Sico, under the direction of general counsel Martine Bazinet, was advised by Stikeman Elliott LLP, with a team comprising Pierre Raymond, Steeve Robitaille, Benoît Dubord, Lydia Pham and Jean-Marc Fortin.
