Terry Morgan, Niteo's CEO, said, "The addition of APF's full service car wash offering to the Niteo family of products solidifies our leadership in appearance brands within the professional detailer and car wash space. We look forward to working with Alan to maximize the potential of the outstanding product offering he and his team have developed and exploit our combined products."
APF is the first add-on acquisition completed by Niteo under Highlander's ownership. Jeff L. Hull, Chairman of Niteo Products and Managing Partner of Highlander, said, "This acquisition is validation of Niteo's desire to be a leader across all product categories within its core target segments including car wash, auto dealership, auto auction and professional detailer businesses. It also serves as confirmation of our ongoing interest in utilizing an acquisition-based strategy as appropriate to complement our organic growth efforts. We continue to evaluate numerous other potential transactions and expect to close additional acquisitions in the near future."
NITEO™ is a premier formulator, packager and marketer of automotive appearance and maintenance chemical brands. Brands include Car Brite and Pyroil, and Niteo is a licensee of the Valvoline & MaxLife brands for maintenance chemical products. Niteo offers a comprehensive line of waxes, polishes, compounds, dressings, soaps, cleaners, solvents, paints and dyes, as well as fuel additives, parts cleaners, starting fluids, brake fluid, power steering fluid, and other functional fluids. For more information visit, www.niteoproducts.com.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with over $1 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a "buy and build" investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.
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SOURCE Highlander Partners, L.P.