The transaction supports NiTEO's strategic objective of building and growing a portfolio of high efficacy, branded household and automotive products. The Folex acquisition will expand NiTEO's Household Products division and further enhance its position as a leading branded products business serving the home care market.
John Rabenhorst, NiTEO CEO, stated, "We believe the addition of FOLEX® in the cleaning products space is highly strategic and complementary to Niteo's existing home care offerings and gives us access to a strong line of well-regarded products that will bolster Niteo's breadth in the category. We are excited to leverage the full Niteo portfolio of brands for the benefit of our retail partners and believe there is substantial growth potential within our branded household products portfolio."
Jeff L. Hull, Highlander President and CEO, said, "The addition of FOLEX® to our growing family of brands further reinforces our strategy to build a leading business composed of category-defining, high efficacy brands in the home care segment. We thank Barrett and Patty Lash for their trust as the next steward of this brand, and we intend to get FOLEX® into the homes of more consumers. We continue to evaluate numerous other potential transactions and expect to close additional acquisitions in the future."
Monroe Capital LLC provided senior financing facilities and NMP Capital provided mezzanine debt and equity in support of the transaction.
About Folex
Folex, founded in 1966 and based in Tualatin, Oregon, is a leading manufacturer and provider of cleaning products for carpets, fabrics, and hard surfaces. FOLEX® offers a range of products, including instant carpet spot removers, hardwood, laminate, and tile floor cleaners, and stain removers. The company also offers a professional line of cleaning solutions. For more information, visit folexcompany.com.
About NiTEO Products
NiTEO is a premier formulator, packager and marketer of highly regarded household and automotive appearance and performance/maintenance chemical brands. These include APF in the car wash category; CarBrite in the professional appearance category; and the Pyroil, Motor Medic and Cyclo brands in the automotive maintenance and performance category, and OZIUM in the household air care category. For more information, visit www.niteoproducts.com.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with more than $3 billion in 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. Highlander Partners employs a buy and build investment approach, creating value by helping companies grow both organically and through acquisitions. Additional information about Highlander at www.highlander-partners.com.
SOURCE Niteo Products, LLC
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