NiTEO Products, a Portfolio Company of Highlander Partners, Sells Hi-Tech Industries to MPE Partners
Dallas, TX – NiTEO Products, a leading formulator, packager and marketer of automotive appearance, air care and performance / maintenance chemical brands, today announced the sale of Hi-Tech Industries (“Hi-Tech”) to MPE Partners (“MPE” or “Morgenthaler Private Equity”). Hi-Tech, based in Farmington, Michigan, is a leading provider of a full line of branded professional car care product accessories and specialty aerosols to the automotive appearance industry.
The transaction supports NiTEO’s strategic objective of focusing on the growth of its car wash, air care and performance/maintenance chemical brands, that are predominantly manufactured and distributed out of its Hernando, Mississippi facility, and to further concentrate on expanding in its core markets and customer base in the US and Internationally.
Hi-Tech will continue to operate autonomously and all operations will remain unchanged and continue to be conducted from the Company’s two facilities in Farmington, Michigan and Southfield, Michigan, where all manufacturing and distribution takes place. Given the standalone nature of Hi-Tech’s brands and operations, NiTEO will ensure a timely transition without any disruption of service to shared customers. The business will continue to be led by Hi-Tech’s current President, Nathan Iverson.
Mr. Iverson commented, “I am excited to partner with MPE Partners to accelerate our success as a leader in the professional automotive appearance industry with a focus on growing our business both organically and via M&A. We are very appreciative of the support that Highlander and NiTEO provided during our tenure and are excited to continue our growth with MPE Partners.”
Jeff L. Hull, Highlander President and CEO and Chairman of NiTEO Products, said, “Highlander is very happy with the performance of Hi-Tech over the past five years, and I look forward to watching Nathan and his team achieve new levels of success in their next phase of growth.”
Hennepin Partners served as the exclusive financial advisor to Niteo and Highlander for this transaction.
About NiTEO Products
NiTEO is a premier formulator, packager and marketer of highly-regarded automotive appearance, air care and performance / maintenance chemical brands; including AP Formulators and Trans-Mate in the car wash chemical category; CarBrite and Trans-Mate in the detail, dealership and auto auction appearance category; and the Pyroil, Motor Medic and Cyclo brands, along with a license for the Valvoline & MaxLife brands, in the automotive maintenance and performance chemical category, and OZIUM and Scents brands, along with a license for the Glade brand, in the automotive aircare category. Niteo offers a comprehensive line of air care, 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 $2 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, consumer products, and others. Highlander Partners uses a buy and build investment approach, creating value by helping companies grow both organically and through acquisitions. For more information, visit www.highlander-partners.com.