DALLAS, April 29, 2016 /PRNewswire/ -- Niteo Products, LLC, a portfolio company of Highlander Partners, L.P., announced today the sale of the assets of its retail automotive appearance chemicals brand, Eagle One, to HandStands, a portfolio company of Trivest Partners.
The Eagle One brand has been an automotive appearance pioneer for over 30 years, offering a full line of technologically advanced washes, waxes, protectants and accessories designed for better performance, more shine and enduring protection.
Jeff L. Hull, Chairman of Niteo and Managing Partner of Highlander, commented, "The sale of this business is in line with Niteo's overall strategy of growing its car wash, auto dealership, auto auction and professional detailer business through Niteo's other brand, Car Brite, as well as growing our performance fluids brands. Eagle One is a great brand and has a very good presence in retail distribution channels. Our focus is on professional products, and we believe that Eagle One is a much better fit for HandStands and their current consumer product offering."
Terry Morgan, Niteo's CEO, added, "We intend to use the proceeds from the sale to acquire additional appearance brands in the professional, car wash and industrial channels to continue our growth in those categories. The sale of Eagle One will allow us to focus our efforts on expanding those channels."
Chris Anderson, HandStands' CEO, said, "We are thrilled to add this legendary car care brand to HandStands' growing roster of automotive appearance and fragrance products. With a full range of interior and exterior car care solutions, a strong pedigree of innovation, and a well-earned reputation for performance, Eagle One is a perfect fit for HandStands."
Russ Wilson, Trivest Partner and HandStands Chairman, added, "The acquisition of Eagle One, a well-respected consumer car care brand, further broadens and diversifies HandStands' presence in the growing automotive appearance category. This transaction furthers HandStands' mission to be a valued retail partner in both the vehicle air freshener and automotive appearance categories."
NITEO™ is a premier formulator, packager and marketer of automotive appearance and maintenance brands. Brands include Car Brite and Pyroil, and Niteo is a licensee of the Valvoline brand for maintenance 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, and 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.
HandStands was founded in 1983, and is headquartered in Draper, Utah; its brands include: Refresh Your Car! ®, California Scents®, Bahama & Co.®, DRIVEN® and Lexol®, which can be found in Mass, Grocery, Hardware and Automotive Parts retailers throughout the world. HandStands holds the #1 spot in U.S. market share, in units sold, for automotive air fresheners. For more information, visit www.handstands.com.
About Trivest Partners
Trivest Partners is a private investment firm that focuses on partnering with founder/family owned businesses in the United States and Canada. Since its founding in 1981, Trivest has completed more than 225 transactions, totaling in excess of $5.5 billion in value. For more information, visit www.trivest.com.
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SOURCE Highlander Partners, L.P.