Transaction facilitates creation of leading global automotive
solutions group
MONTREAL, and LAWRENCEVILLE, Ga., June 18,
2024 /CNW/ -- Recochem, a leader in automotive liquid
solutions, and KIK Consumer Products ("KIK"), a leading North
American manufacturer of pool, household and auto care consumer
products, today announced that Recochem has acquired KIK's Auto
Care business.
KIK's Auto Care business comprises Prestone in North America and Holts in the UK, and
develops, manufactures and markets antifreeze/coolant and other
essential automotive fluids and car appearance products in
North America and other key
international markets.
For Recochem, the strategic and highly complementary combination
of Recochem (Canada), Prestone
(US) and Holts (UK) will facilitate the creation of a global
automotive solutions group with significant economies of scale and
opportunities to bring new automotive solutions and products to
customers across all its key markets.
Shawn Davies, CEO of Recochem,
said: "We are very excited about the opportunity to create a
world-class, consumer centric automotive group that can deliver the
very best solutions for our customers. Recochem, Prestone and Holts
are highly complementary businesses, and the combined platform will
offer customers a wide range of products across multiple categories
that are experiencing consistent long-term growth. Today's
transaction will provide the enlarged business and individual
business units with significant opportunities to expand, develop
and broaden our relationships with our key partners."
For KIK, the sale of its Auto Care business comes at a logical
time given the strength of that business and enables a focus on the
exceptional growth prospects of its Household Care and Pool Care
businesses.
Michael Sload, CEO of KIK, said:
"This transaction is a testament to the strong growth and momentum
of our Auto Care business, and we see strong prospects for the
business under Recochem's ownership. After the completion of the
sale, KIK will continue as a highly focused and aligned consumer
products company with our Household Care and Pool Care businesses
offering exceptional growth opportunities."
Terms of the transaction were not disclosed.
Recochem was advised by Harris
Williams (Financial Advisor) and legal advisors Wilkie Farr & Gallagher LLP, Arnold &
Porter LLP, and Kirkland & Ellis LLP. KIK was advised in the
transaction by its financial advisor CG Sawaya Partners and its
legal advisors Weil, Gotshal & Manges LLP and Blake, Cassels
& Graydon LLP.
For further information please contact:
On behalf of Recochem
and CapVest:
Ben Valdimarsson
ReputationInc
bvaldimarsson@reputation-inc.com
Mob: +447889805930
|
On behalf of KIK and
Centerbridge Partners:
Jeremy Fielding/Daniel
Hoadley
Kekst CNC
jeremy.fielding@kekstcnc.com
daniel.hoadley@kekstcnc.com
|
About Recochem
Founded in 1951 and headquartered in Montreal, Quebec, Canada, Recochem is a global
leader in manufacturing, marketing, and distributing aftermarket
transportation and household fluids.
The Company's product portfolio spans branded, private label,
and bulk offerings and includes coolant, appearance products,
windshield wash fluid, diesel exhaust fluid, and a broad range of
household fluids and industrial chemicals. The Company serves
consumers and industrial customers worldwide through its operations
in North America, Europe, Australia, and Asia-Pacific.
In November 2023, Recochem was
acquired by CapVest Partners LLP ("CapVest") a leading
international private equity investor that partners with ambitious
companies supplying essential goods and services to transform their
businesses.
As an active and patient investor, CapVest has established a
strong record of success in delivering attractive returns by
working closely with management in transforming the size and scale
of its portfolio companies through a combination of organic and
acquisition led growth.
About KIK Consumer Products
Since 1993, KIK has successfully grown from a single-plant
operator in retailer-branded (private label) bleach to the leading
North American independent manufacturer in household products and a
global leader in pool and spa treatment and automotive products. In
entering these segments, KIK capitalized on an opportunity to
leverage its core manufacturing and marketing competencies to drive
scale in fragmented industries. Subsequent to entering each market
opportunity, KIK transformed it through a combination of organic
growth initiatives and acquisitions and has continued to experience
strong growth in all categories. For more information, visit
www.kikcorp.com
KIK is a portfolio company of Centerbridge Partners, L.P., a
private investment management firm employing a flexible approach
across investment disciplines — Private Equity, Private Credit and
Real Estate — in an effort to develop the most attractive
opportunities for our investors. The Firm was founded in 2005 and,
as of December 31, 2023, has
approximately $38 billion in capital
under management with offices in New
York and London.
Centerbridge is dedicated to partnering with world-class management
teams across targeted industry sectors and geographies. For more
information, please visit http://www.centerbridge.com|LinkedIn
Photo - https://mma.prnewswire.com/media/2441925/Holts.jpg
Photo - https://mma.prnewswire.com/media/2441926/Prestone.jpg
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SOURCE Recochem; KIK Consumer Products