Niteo Products, a Portfolio Company of Highlander Partners, Acquires Assets of AP Formulators
Dallas, Texas – October 13, 2016 – Niteo Products, LLC, a portfolio company of Highlander Partners, L.P., announced today the acquisition of certain assets of AP Formulators, Inc. on September 30th. APF, based in South Houston, Texas, is a leading formulator of a full line of car wash chemicals serving self-serve, automatic and express/full service car washes.
Operations will continue to be conducted from the South Houston facilities where all formulating and distribution takes place, and will led by APF’s Founder and President, Alan Palermo, who will join the Niteo team and remain a significant equity holder in the business. Mr. Palermo commented, “I am excited to partner with Niteo Products to continue to grow APF and build upon the Company’s success as a leader in the professional automotive appearance chemicals market. The team is excited by the resources that will be available to APF, and we believe that the combination will benefit both organizations and their customers.”
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.