CI Capital Partners has completed the previously announced sale of its portfolio company, KIK Custom Products, a maker of household and personal care products, to Centerbridge Partners.
KIK Custom Products is a contract and private label manufacturer of consumer products in the laundry, household cleaners, personal care, spa and pool, and over-the-counter medicated and pharmaceutical categories. KIK entered the pool care business in 2011 with the acquisition of US-based Chem-Lab Products. KIK is based north of Toronto in Concord, Ontario (www.kikcorp.com).
CI Capital Partners first invested in KIK in 2007 and during the term of ownership the company’s revenue doubled and was diversified as a result of several add-on acquisitions and organic growth. Today, the company is a leader in the development and marketing of pool and spa treatment products and is one of North America’s largest independent manufacturers of household and personal care products.
“Under our ownership, Jeff Nodland, CEO, and Ben Kaak, CFO, along with the entire KIK management team, worked tirelessly to transform KIK through strategic acquisitions and operational initiatives, creating a clear leader in the marketing and production of consumer packaged goods and pool and spa treatment products,” said Timothy Hall, Managing Director at CI Capital Partners.
CI Capital Partners invests from $25 million to $100 million in middle market companies in the following sectors: business services, consumer services, distribution, government services and defense, and light manufacturing. The firm was founded in 1993 and is based in New York (www.cicapllc.com).
“Our partnership with the KIK management team resulted in a very successful investment for us, and we wish the KIK team and Centerbridge continued success,” said Frederick Iseman, Chairman and CEO of CI Capital Partners.
Financial advice was provided to KIK by Morgan Stanley & Co. and Rothschild. Centerbridge was advised by Barclays. Debt financing for the transaction was provided by Barclays and BMO Capital Markets.
“The completion of this transaction marks the conclusion of a tremendous partnership with CI Capital,” said Jeff Nodland, Chief Executive Officer of KIK. “CI Capital has supported us as we invested in the company’s organic growth, executed an M&A strategy and successfully expanded into new business lines. We look forward to continuing the company’s growth trajectory with Centerbridge.”
Centerbridge Partners invests from $50 million to $300 million in US based leveraged buyouts and distressed securities. The firm has $25 billion of capital under management and is headquartered in New York with an additional office in London (www.centerbridge.com).
© 2015 PEPD • Private Equity’s Leading News Magazine • 8-26-15
