Specialty Cleaning Products Company to Continue Organic and M&A Growth
New York, NY – Global investment firm The Carlyle Group (NASDAQ: CG) and global growth private equity firm TA Associates today announced that they completed an acquisition of WU Holdco, Inc. (“Weiman Products”, “Weiman”, or the “Company”), a Gurnee, IL-based manufacturer and distributor of specialty cleaning products for multi-billion dollar consumer and commercial end markets, from Cortec Group, a New York-based private equity firm. Terms of the transaction were not released.
Weiman’s consumer division includes products sold under several brand names, including Weiman, Goo Gone, Magic, Stone Care International, Wright’s and Gonzo Natural Magic. Weiman’s commercial division includes leading brands serving select specialty end markets, including Urnex, Five Star and Micro-Scientific.
Weiman CEO Chris Bauder said, “We are pleased to partner with Carlyle and TA Associates in this next phase of growth for the Weiman family of cleaning and care products. Their experience helping brands grow globally complements our commitment to quality, innovation and customer service. We are grateful to Cortec for their support and wish them continued success.”
Carlyle Managing Director David Basto said, “Weiman is well positioned for continued growth both organically and through M&A. We will harness Carlyle’s deep industry expertise and global network to support the Company in this next phase of innovation and strategic acquisition.”
TA Associates Managing Director William Christ said, “Weiman’s array of cleaning and care products are well known throughout the U.S. and globally. We look forward to working with Chris Bauder and his management team in the years to come to create value for the Company’s current and future customers.”
Cortec Managing Partner David Schnadig said, “We are deeply appreciative of the hard work Chris and his team have devoted to building Weiman’s consumer and commercial divisions so significantly over the past five plus years and know the Company will continue to thrive under Carlyle and TA Associates’ ownership.”
Equity for the investment will come from Carlyle Equity Opportunity Fund II, TA Associates funds and company management.
Robert W. Baird & Co. and Duff & Phelps Securities, LLC served as financial advisors to Weiman Products. Sawaya Partners, LLC acted as financial advisor to The Carlyle Group and TA Associates on this transaction.
Jones Day served as legal advisor to Weiman Products. Kirkland & Ellis LLP served as legal advisor to The Carlyle Group. Goodwin Procter LLP served as legal advisor to TA Associates.
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About Weiman Products
Weiman Products is a specialty cleaning products company offering high-quality and innovative products which are specially formulated to care for specialty surfaces and clean-up life’s toughest messes. Weiman’s consumer division includes products (together, the “Weiman Products”) under seven well recognized brands – Weiman, Goo Gone, Magic, Stone Care International, Wright’s, Gonzo Natural Magic, and Urnex.
Weiman’s commercial division includes leading specialty cleaning brands for coffee makers, brewing equipment and healthcare markets under the Urnex, Five Star and Micro-scientific brands.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $216 billion of assets under management, Carlyle’s purpose is to invest wisely and create value on behalf of our investors, portfolio companies and the communities in which we live and invest. Carlyle employs 1,650 people in 31 offices across six continents. www.carlyle.com.
About TA Associates
TA Associates is one of the largest and most experienced global growth private equity firms. Focused on five target industries – technology, healthcare, financial services, consumer and business services – TA invests in profitable, growing companies with opportunities for sustained growth, and has invested in more than 500 companies around the world. Investing as either a majority or minority investor, TA employs a long-term approach, utilizing its strategic resources to help management teams build lasting value in growth companies. TA has raised $24 billion in capital since its founding in 1968 and is committing to new investments at the pace of $2 billion per year. The firm’s more than 85 investment professionals are based in Boston, Menlo Park, London, Mumbai and Hong Kong. More information about TA Associates can be found at www.ta.com.
The Carlyle Group