Coating particulate material can often enhance the physical and chemical properties of the material including improved insulation properties, improved abrasion resistance, and improved strength. However, coated particulate materials are often porous and tend to absorb gases and liquids, which destroy the material, or at the very least, interfere with its insulating properties. This invention is directed to an improved device for coating particulate material. The device is based on a pressure regulated riser system, and it is specifically designed to coat particles with solvent borne materials without damaging the particles. The device has the capability to coat particles that are very light and friable, as well as those that are dense and durable. This invention has an advanced design that allows the particle velocity and the solids fraction to be independently regulated in the riser to provide optimum coating and drying conditions. Coating can take place in a single pass or in multiple passes.