Cortec Group has acquired Weiman Products, a provider of specialty cleaning products. Cortec invested in Weiman through its fifth fund, Cortec Group Fund V, L.P., and is the fund’s fifth platform investment.
“The entire team at Weiman is thrilled to be teaming with Cortec as we enter our next phase of growth. They bring to the table a unique blend of consumer and healthcare investing experience that will undoubtedly allow us to hit the ground running,” said Carl DeMasi, Weiman’s President and CEO.
Mr. DeMasi and the rest of the senior management team will continue in their current roles and as shareholders in the company.
Weiman is a provider of branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. Weiman’s consumer division produces, markets and distributes over 50 formulations of branded specialty household cleaning products, all sold under the Weiman or Wright’s brand names, that address distinct cleaning needs within home, appliance, furniture and other specialty categories. The company’s consumer products are sold through retailers in the global mass, food, drug, specialty and e-Commerce channels, covering over 50,000 retail doors. The company’s healthcare division develops and manufactures over 60 healthcare formulas, consisting of detergents, instrument care solutions, high level disinfectants for processing surgical instruments, and general surface disinfection products. The company’s healthcare products are used in the acute, physician, dental and veterinary healthcare markets and are sold to the channel OEMs and distributors. Weiman Products was founded in 1963 and is based near Chicago in Gurnee, IL (www.weiman.com).
“Weiman has built an outstanding long-term track record under Carl DeMasi’s leadership, evidenced by 32 consecutive years of sales growth. The company’s consistent strong performance is directly attributable to the Weiman brand’s reputation for quality, efficacy and value among a broad range of consumers,” said David Schnadig, a Managing Partner at Cortec.
Cortec Group invests in middle-market specialty manufacturing, service, healthcare and distribution businesses with enterprise values of $40 million to $300 million. Cortec currently manages over $1 billion in its two active funds. The firm was founded in 1984 and is based in New York (www.cortecgroup.com).
“Weiman’s historical growth has been impressive, but Cortec is even more excited about the company’s future prospects. Through development of innovative products, expansion into adjacent channels and acquisitions, we believe the company is poised for accelerated growth and are looking forward to partnering with the Weiman team,” said Jeffrey Shannon, a Managing Director at Cortec.
Duff & Phelps Securities served as financial advisor to Weiman.
© 2013 PEPD • Private Equity’s Leading News Magazine • 11-26-13