TruArc Partners has acquired Meyer Laboratory, a manufacturer and distributor of industrial and institutional cleaning chemicals and applications systems.
Meyer Lab’s water-based products include industrial cleaners and degreasers, hand cleaners and skin care, disinfectants and sanitizer, deodorizers and air fresheners, household cleaners and disinfectants, and carpet and hard surface floor cleaners. The company also sells replacement scrubber brushes and squeegees. Many of the company’s customers are active in a range of commercial and industrial sectors including flexographic printing, food processing, and distribution.
Meyer Lab, led by President Mike Miller, was founded in 1978 by Russ Meyer and is co-owned by Mr. Meyer and his son, Rusty Meyer. The company is headquartered near Kansas City in Blue Springs, Missouri, with additional facilities in Lexington, North Carolina, and Winnipeg, Manitoba.
“Selling Meyer Lab was a hard decision for my father and me,” said Rusty Meyer. “The entire company is part of our family. However, it was the right time for us and for the company to make this transition. We believe TruArc is the right partner to help accelerate the growth of Meyer Lab well into the future.”
Mr. Miller will continue in his role as president and Rusty Meyer will remain with Meyer as a member of its board of directors. “Our management team is extremely excited to be partnering with TruArc for our next chapter of growth. We believe the addition of TruArc’s expertise and resources will enable us to execute on key initiatives, expand our geographic reach, add new customers in additional end markets and expand our product capabilities,” said Mr. Miller.
“Meyer Lab, through the dedication of the Meyer family, has established a great reputation, culture, management team and manufacturing capability that has led to its success,” said John Pless, a co-managing partner at TruArc. “Meyer Lab fits perfectly into our investment strategy focused on specialty manufacturing and business services, and we are excited to support them in their next stage of growth.”
New York City-based TruArc (formerly Snow Phipps Group) makes equity investments of $50 million to $150 million in companies with EBITDA from $10 million to $50 million. Sectors of specific interest include specialty manufacturing and business services.
Lincoln International was the financial advisor to Meyer Lab and Baird was the financial advisor to TruArc.
© 2024 Private Equity Professional | March 8, 2024
