PLZ Aeroscience, a portfolio company of Pritzker Private Capital, has acquired Liquid Technologies, a contract formulator and manufacturer of personal care products, from Frontenac.
Liquid Technologies’ (LTI) capabilities include formulation, development, blend manufacturing, filling and packaging. Products include shampoos, conditioners, styling products and aerosols, in addition to skincare products such as creams and lotions.
The company’s customers range from small growth-oriented startup brands and salons to established mid-sized brands. LTI, led by CEO Steve Dickstein, was founded in 1998 and is headquartered east of Los Angeles in Chino, California.
Frontenac acquired LTI in April 2016. “During our ownership, we invested in the successful implementation of numerous growth initiatives and unlocked significant value through operational improvements,” said Neal Sahney, a vice president at Frontenac. “The company doubled in size in under four years and is positioned for continued growth under new ownership and leadership from PLZ.”
PLZ Aeroscience develops, manufactures, packages and distributes a line of contract fill, branded and private-label products including industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides, cleaners, polishes, air fresheners and personal care products. The company, led by CEO Ed Byczynski, is headquartered near Chicago in Addison, Illinois. Pritzker Private Capital acquired PLZ Aeroscience in July 2015 from Olympus Partners.
“We are thrilled to be partnering with Steve Dickstein and the LTI team,” said Mr. Byczynski “We believe the combination of PLZ and LTI will make us better partners to our customers as we will now be able to offer them a full suite of personal care products across a national footprint.”
Frontenac invests in lower middle-market businesses that operate primarily in the food, industrial, and services industries. The firm was founded in 1971 and is headquartered in Chicago.
“Partnering with growth-focused, founder-owned businesses is a core pillar of our strategy and we are delighted by the successful partnership we forged with Liquid Technologies,” said Ron Kuehl, a managing director of Frontenac.
Pritzker Private Capital (PPC) acquires North America-based middle-market companies that have enterprise values between $100 million and $750 million and EBITDA in excess of $15 million. Sectors of interest include manufactured products, services and healthcare. The firm is led by Tony Pritzker and the former investment and operating professionals of Pritzker Group Private Capital. In July 2018, PPC held a final closing of PPC Fund II LP at its hard cap of $1.8 billion. The firm has offices in Chicago and Los Angeles.
SunTrust Robinson Humphrey was the financial advisor to Liquid Technologies.
© 2019 Private Equity Professional | December 17, 2019
