Camano Capital and Tonka Bay Equity Partners have partnered up to invest in E-Cloth, a maker of microfiber cleaning products.
E-Cloth produces a line of environmentally conscious microfiber cleaning products – designed to clean using just water and no harsh chemicals – that are sold through the direct-to-consumer, e-commerce, and retail channels. The company was founded in 1995 in the UK before expanding into the US in recent years.
E-Cloth, led by CEO Jamey Bennett, has offices in Boston, Massachusetts and Royal Tunbridge Wells, UK (50 miles southeast of London) and a newly-opened distribution center in Dover, New Hampshire.
“Our team has built a brand in a market segment where consumers who value sustainable products are underserved are poised for further expansion in e-commerce and retail channels, and look forward to working with Camano and Tonka Bay to execute on our growth strategy,” said Mr. Bennett.
“Jamey and the E-Cloth team have built an impressive business that is focused on truly sustainable cleaning products,” said Steve Soderling, a partner at Tonka Bay. “We are excited to support the team in its next stage of growth and continue its market expansion both online and via retail channels. We are also pleased to be partnering with the Camano team as we assist E-Cloth with its next phase of growth.”
Seattle-headquartered Camano Capital invests in lower middle-market consumer companies that have EBITDA from $500,000 to $5 million. The firm has additional offices in Phoenix and Minneapolis.
“E-Cloth has become a leader in innovative cleaning solutions,” said Tom Newell, a partner at Camano Capital. “We look forward to working with Jamey and the team to grow the company in this new and important segment of the cleaning products world. Our team is also excited about the partnership with Tonka Bay and their deep experience building bigger, better businesses.”
Tonka Bay invests in companies that have between $20 million and $50 million of revenue and EBITDA between $2 million and $8 million. Sectors of interest include highly-engineered manufacturing, value-added distribution, and business services. The firm was founded in 1998 and is based in the Minneapolis suburb of Minnetonka. Earlier this month, Tonka Bay closed its fourth fund, Bayview Capital Partners IV LP, with $200 million of capital.
Private Equity Professional | August 20, 2020