Promus Equity Partners has acquired Quest Products in partnership with the company’s management team.
Quest Products is a consumer packaged goods company that manufactures and manages its own brands, distributes over 100 national brands, sells to retail and online stores, provides drop-ship services, and manages retail websites. Some of Quest’s top-selling brands include ALOCANE Emergency Burn Gel, ProVent skin solutions and natural oils, AlcoHAWK personal breathalyzers, CopperFixx pain relief cream and Blue Guard eye supplements.
Quest distributes over 7,000 SKUs and partners with most major chain and e-commerce retailers in North America and it is also a certified drop-ship fulfillment partner with over 40 online retailers. Customers of Quest include Walmart, Target, Meijer, Shopko, Kroger, Walgreens, CVS, Rite Aid, Costco, Sam’s Club Shoppers Drug Mart, Safeway, Publix, Amazon.com, Overstock.com, Best Buy, and Wayfair and others.
Simultaneous with the buy of Quest, the company completed the add-on acquisition of Clinere Products, a brand of patented, flexible ear cleaning tools that are designed to safely and effectively remove earwax, dirt, and debris out of ears. The company is based in Mundelein, IL (www.clinere.com).
Quest, founded in 2001, is led by Mike Brennan, Mark McGreevy, Mark Milliman and Don Ryan and is headquartered in Pleasant Prairie, WI (www.questproductsinc.com).
“The Quest management team has built a very impressive company, and we are honored to be part of the next stage of the company’s growth,” said Promus Partner Steve Brown. “We are eager to get to work to help build the company’s brands.”
Promus Equity Partners is a private equity investment firm affiliated with Promus Holdings, a multi-family asset management firm. Promus targets lower middle market companies with EBITDA’s of $15 million or less. Sectors of interest include consumer products, food & beverage, industrial products, manufacturing services, specialty materials, distribution, and business services. The firm is based in Chicago (www.promusequity.com).
“We couldn’t be more excited to partner with Promus,” said Don Ryan, Quest’s founder. “Their involvement will help us expand our portfolio of products through internal growth and acquisition.”
Capstone Headwaters was the financial advisor to Quest Products. “We have discussed market timing for a recapitalization with Quest’s ownership for quite some time and we are pleased to have assisted them in the partnership with Promus this year,” said Ted Polk, Managing Director at Capstone Headwaters. “Quest has a very talented management team with a history of building strong consumer brands. We look forward to watching their continued success.”
Avante Mezzanine Partners (www.avantemezzanine.com) provided mezzanine debt and participated in the equity investment, while MB Financial (www.mbfinancial.com) provided a senior credit facility.
© 2018 Private Equity Professional | March 7, 2018
Opus Agency, a portfolio company of Growth Catalyst Partners (GCP), has acquired CRG Events.
CRG’s long-time CEO, Leasa Mayer, will serve as executive vice president at Opus. “We are so thrilled to become a part of the Opus family,” said Ms. Mayer. “We have an incredibly complementary set of services and clients, but even more importantly, there is complete harmony where our cultures and philosophies are concerned. Choosing the best acquisition partner for my team was imperative, and I have the utmost respect for Monte and his leadership. I have no doubt that, together, we will deliver even greater success for our clients.”
Growth Catalyst Partners (GCP) invests in companies with EBITDA from $3 million to $12 million. Sectors of interest include marketing, information, media and business services with an emphasis on companies with a tech-enabled orientation. The firm was founded in April 2017 by Jim TenBroek, a former Managing Director at Wind Point Partners, and Scott Peters, the former Co-President of media-focused investment bank JEGI. GCP is based in Chicago with an office in Rowayton, CT (
KLH Capital has acquired Apogee Lighting, the owner of Apogee Translite and its sister company LumiNEXT Lighting.
“Richard and his team have done an incredible job growing the company into a premier, custom lighting manufacturer addressing the needs of the country’s largest transit systems and commercial construction projects,” said Josh Kuder, a Partner at KLH Capital. “We are excited to partner with the company as they build upon their success and expand their business.”
KLH Capital is an SBIC-licensed private equity firm that invests in niche manufacturing, value-added distribution and specialty service companies with revenues of at least $10 million and EBITDA of at least $2 million. The firm is headquartered in Tampa (
New State Capital Partners has closed its second institutional investment fund, New State Capital Partners Fund II LP, at its hard cap of $255 million. The firm’s first fund closed in September 2016 with $131 million in committed capital.
“We are very pleased and grateful for the strong response New State Fund II received,” said Dave Blechman, the founder and a Principal of New State. “New State strives to be a different kind of investment firm, with a flexible mandate, a true focus on buy-and-build, and active participation by senior professionals – and without the constraints of more institutional situations. With Fund II, we will apply our expertise and growth strategy to a strong group of platform companies. We look forward to the great relationships we will build with a new group of entrepreneurs as we seek to responsibly steward Fund II on behalf of our valued limited partners.”
