Wipe, Rinse, Recapitalize: Zep Acquired by Truelink

Truelink Capital has agreed to acquire Zep, a provider of maintenance, cleaning, and sanitation products, from New Mountain Capital.

Zep’s product lineup includes disinfectants, degreasers, sanitizers, and odor control products sold under the company’s flagship brands including Zep, Zep Professional, Enforcer, and TimeMist. Customers of Zep operate in the food and beverage processing, industrial maintenance, commercial cleaning, and residential care sectors, and include facility managers, OEMs, commercial cleaners, and retail consumers across North America and Europe.

Zep was founded in 1937 by Mandle Zaban, William Eplan, and Saul Powell and is headquartered in Atlanta. Today, Zep is led by CEO Amy Hahn and employs more than 1,400 people across 23 global facilities, including locations in the US, Mexico, and the United Kingdom.

“This marks an exciting new chapter for Zep,” said Ms. Hahn. “With Truelink’s support, we are poised to accelerate our strategic vision – building on the investments in operational excellence, product innovation, and digital processes we’ve made in recent years. I am incredibly proud of what our team has accomplished and grateful to New Mountain for their partnership. We are confident that with Truelink’s resources and approach, Zep is well positioned to deliver even greater results for our customers and stakeholders.”

Truelink is headquartered in Los Angeles and invests in tech-enabled services and industrial companies with EBITDA ranging from $20 million to $75 million. The firm’s targeted service sectors include business-to-business, education technology, financial technology, information technology, and software. Within industrials, Truelink focuses on building products, chemicals, transportation and logistics, and packaging.

“Zep is a highly recognizable brand with a strong history of innovation, quality, performance, and customer trust,” said Todd Golditch, a co-founder and managing partner of Truelink Capital. “We are honored to have closed this acquisition with New Mountain and are excited with the opportunity to invest behind this wonderful company and management team. We have been impressed with the company’s leading market position and ability to deliver exceptional products and services across its business segments. We’re eager to partner with Amy and the entire Zep team to continue building on the company’s legacy and accelerate the next phase of growth through commercial and operational initiatives and strategic M&A.”

The buy of Zep is Truelink’s ninth platform investment since its founding in 2022. In July 2024, Truelink Capital held a final closing of its inaugural fund, Truelink Capital I LP, with $950 million of capital commitments.

New Mountain Capital is an industry generalist and invests between $100 million and $500 million per transaction in companies with enterprise values typically between $100 million and $1 billion. In January 2021, New Mountain closed its newest flagship fund, New Mountain Partners VI LP, with $9.6 billion of capital, and the firm’s first non-control private equity fund, Strategic Equity Fund I LP, with $640 million of capital.

New Mountain first invested in Zep in June 2015. “Since the initial acquisition, Zep has strategically focused on investments that leverage the strength of the Zep brand and capabilities and build on its legacy of strong product performance and exceptional service to serve new customers and markets,” said Harris Kealey, a managing director at New Mountain. “We thank Amy and her team for a successful partnership and are confident that Zep is exceptionally well-positioned for continued success in this next phase of its journey.”

New Mountain, founded in 2000 and headquartered in New York City, manages over $50 billion in aggregate assets in private equity, credit, net lease real estate, and public equity funds.

© 2025 Private Equity Professional | July 9, 2025