Highlander Partners Announces the Completion of the Acquisition of Valvoline’s Car-Care Assets from Ashland, Inc.
Dallas, TX — June 30, 2015 — Highlander Partners, L.P., a leading middle market private investment firm based in Dallas, Texas, announced today that it has completed the previously announced acquisition of Valvoline`s car-care products assets from Ashland Inc. Highlander will acquire the assets, including the manufacturing and distribution facilities in Hernando, Mississippi, through Niteo Products, LLC, a newly formed affiliate. The car-care products include the following brands:
- Car Brite – Professional automotive reconditioning products such as waxes, polishes, compounds, dressings and cleaners sold through the Do-It-For-Me (DIFM) channel;
- Eagle One – Professional-caliber consumer detailing products such as washes, waxes, cleaners and dressings sold through the Do-It-Yourself (DIY) channel; and
- Pyroil – A full line of automotive maintenance and performance chemicals.
Also included in the sale are Valvoline-branded and private-label maintenance chemicals sold into the DIY channel. The approximately 140 employees who work in car-care products, including approximately 120 based at the manufacturing and distribution facilities in Mississippi, will join Niteo.
Jeff L. Hull, Managing Partner of Highlander and Chairman of Niteo, said, “Consumer products and specialty chemicals have been targeted sectors for some time. We believe these assets will allow us to participate in both categories and continue to expand and accelerate the growth that Valvoline’s car-care products have enjoyed. More importantly, with the manufacturing assets based in Mississippi, we believe Niteo provides an outstanding platform to undertake acquisitions and deploy a buy and build strategy.”
Newly appointed CEO of Niteo, Allen D. Schaar, commented, “These assets provide us the opportunity to continue to be a leader in the marketplace and provide outstanding products to our customers. The Company has very strong distribution partners that market these products, and we expect our team to continue to provide superior customer service to our partners. We are very excited about the prospects of the Company.”
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.