KIK Custom Products to be Acquired by Centerbridge Partners
TORONTO, June 30, 2015 /PRNewswire/ -- KIK Custom Products ("KIK" or the "Company"), a global leader in the development and marketing of pool and spa treatment products and one of North America's largest independent manufacturers of household and personal care products, today announced a definitive agreement under which affiliates of Centerbridge Partners, L.P. ("Centerbridge"), a private investment firm, would acquire KIK from CI Capital Partners.
KIK's leading positions and national footprint provide the Company with a platform for multiple organic growth opportunities. The partnership with Centerbridge enables KIK to continue providing industry-leading products and services to its customers.
"This news follows a strong year for KIK and will help accelerate momentum," said Jeff Nodland, Chief Executive Officer of KIK. "With the successful completion of this transaction, KIK will be uniquely positioned to continue on its growth trajectory. Centerbridge has a proven track record of driving long-term sustainable value creation, and we look forward to building on our successes with our new investors. We are a trusted supplier to our customers and will continue to provide the industry-leading service and expertise they have come to expect from us."
Steve Silver, Senior Managing Director of Centerbridge, said, "Having followed KIK's business for nearly seven years, we have great confidence we are supporting a leader in multiple categories with a strong North American footprint. KIK is well positioned for continued expansion through both organic growth and strategic acquisitions. We look forward to supporting KIK and its management team through its next phase of growth and development."
Timothy Hall, Managing Director at CI Capital Partners and a director of KIK Custom Products, said, "Under our ownership, Jeff Nodland, CEO, and Ben Kaak, CFO, along with the entire KIK management team, worked tirelessly to transform KIK through organic growth, strategic acquisitions and operational initiatives, creating a clear leader in the marketing and production of consumer packaged goods and pool and spa treatment products."
Frederick J. Iseman, Chairman and CEO of CI Capital Partners and Chairman of KIK Custom Products, said, "Our partnership with the KIK management team resulted in a very successful investment for us, and we wish the KIK team and Centerbridge continued success."
The transaction is expected to be completed following the satisfaction of customary closing conditions and approvals.
The Company was advised in the transaction by its financial advisors Morgan Stanley & Co. LLC and Rothschild and its legal advisor Paul, Weiss, Rifkind, Wharton & Garrison LLP. Centerbridge was advised by its financial advisor Barclays, who alongside BMO Capital Markets is providing debt financing for the transaction, and its legal advisor Weil, Gotshal & Manges LLP.
About KIK
Since 1993, KIK has successfully grown from a single-plant operator in retailer-branded (private label) bleach to the leading independent manufacturer in the household/personal care and over-the-counter categories and the global leader in pool and spa additives. In entering these segments, KIK capitalized on an opportunity to leverage its core manufacturing and marketing competencies to drive scale in previously fragmented industries. Subsequent to entering each market opportunity, KIK established leading positions through a combination of organic growth initiatives and strategic add-on acquisitions. For more information, visit www.kikcorp.com.
About Centerbridge Partners
Centerbridge Partners, L.P., headquartered in New York, NY is a private investment firm with approximately $25 billion in capital under management. The firm focuses on private equity and credit investments and is dedicated to partnering with world-class management teams across targeted industry sectors to help companies achieve their operating and financial objectives.
About CI Capital Partners
CI Capital Partners LLC, a North American private equity firm, has been investing in middle-market companies since 1993. CI Capital forms partnerships with experienced management teams and entrepreneurs to build substantial businesses through add-on acquisitions, organic growth and operational improvements. Since the firm's inception, CI Capital and its portfolio companies have made over 150 acquisitions representing approximately $7 billion in enterprise value. CI Capital's existing portfolio consists of companies which collectively generate annual revenue of over $4 billion, EBITDA of over $400 million and employ over 14,000 people. To learn more about CI Capital Partners, please visit www.cicapllc.com.
Certain statements contained in this press release may be forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should" or "will" or similar terminology. Any forward-looking statements are based on current expectations, assumptions, estimates and projections. Such forward looking statements involve known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from any future results expressed or implied by these forward-looking statements.
Media Contacts for KIK and Centerbridge Partners
Jeremy Fielding / Madisen Obiedo
Kekst and Company
Tel: +1 212 521 4858 / 4866
Email: [email protected] / [email protected]
SOURCE KIK Custom Products; Centerbridge Partners, L.P.
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