Highlander Again Adds to Niteo

Highlander Again Adds to Niteo

Niteo Products, a manufacturer and marketer of automotive appearance and performance products and a portfolio company of Highlander Partners, has acquired the air care assets of Kraco Enterprises.

Kraco’s air care assets (Air Care) include home and automotive air fresheners and fragrance products sold under the brand names Ozium and Scents, along with certain other licensed brands. The products are sold through grocery, hardware, convenience, mass merchants and automotive retailers throughout North America.  The Air Care operations will be conducted from Niteo’s existing facilities in Hernando, MS, and its related employees will join the Niteo team. Click HERE for the webpage of Air Care.

Niteo Products was formed by Highlander in July 2015 to acquire Valvoline`s car-care products assets. Since the formation of the original platform, add-on acquisitions include Cyclo (June 2017) a maker of performance, maintenance, and appearance products that are used in the automotive, heavy duty/fleet, industrial, agricultural and marine segments. Brand names include Cyclo, Rain Dance, No.7, Rally and USPro; Hi-Tech (February 2017), a Detroit-based provider of professional car care product accessories and specialty aerosols to the automotive appearance industry; Trans-Mate (November 2016), a Boston-based formulator of vehicle appearance products serving car wash and detailing professionals; and AP Formulators (September 2016), a Houston-based formulator of car wash chemicals serving self-serve, automatic and express/full service car washes.

“The addition of Ozium and Scents to our growing family of brands further reinforces our strategy to build a leading business in the automotive appearance, performance, and maintenance markets,” said Jeff Hull, President and Managing Partner of Highlander. “Closing our fifth acquisition in this space within the last three years further validates our intent to utilize acquisitions to complement our organic growth efforts.  We continue to evaluate numerous other potential transactions and expect to close additional acquisitions in the future.”

Highlander Partners makes investments in middle market businesses in targeted industries in which the principals of the firm have significant operating and investing experience. Sectors of interest include manufacturing, consumer products, industrial goods, automotive accessories, packaging, food and beverage, and specialty chemicals. The firm has over $1.2 billion in capital under management and is based in Dallas (www.highlander-partners.com).

“We believe the additions of Ozium and Scents, along with the other licensed brands, are highly strategic and complementary to Niteo’s existing automotive appearance and performance chemical product offering,” said Cameron Evans, CEO of Niteo. “The acquisition of these core brands in the automotive air care space gives Niteo access to a strong line of well-regarded products and will bolster Niteo’s breadth in the category.”

Niteo Products has a manufacturing and distribution facility based south of Memphis in Hernando, MS and is headquartered in Dallas (www.niteoproducts.com).

© 2018 Private Equity Professional | April 3, 2018

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