NITEO PRODUCTS, A PORTFOLIO COMPANY OF HIGHLANDER PARTNERS, ACQUIRES CYCLO INDUSTRIES
Dallas, Texas – June 7, 2017 – Niteo Products, LLC, a portfolio company of Highlander Partners, L.P., announced today the acquisition of substantially all the assets of Cyclo Industries from Pidilite USA, Inc. Cyclo, based in Jupiter, Florida, is a leading specialty chemicals company offering a full line of professional car care product accessories and specialty aerosols in the automotive performance, maintenance, and appearance markets.
All operations will continue to be conducted from the Jupiter facility, and will continue to be led by Vice President Doug Salazar. Mr. Salazar commented, “I am excited to partner with Niteo Products to further our strong success as a leader in the professional automotive performance, maintenance, and appearance markets in the US and increase our global distribution footprint. Niteo’s distribution in the major automotive markets of the US will help to enhance Cyclo’s position in the marketplace and presents us with access to significant opportunities for growth. We believe our international distribution can also serve Niteo in broadening their reach, too.”
Terry Morgan, Niteo’s CEO, said, “Bringing Cyclo’s robust lineup of professional car care product accessories and specialty aerosols into the comprehensive portfolio of Niteo Products further builds upon our growing importance and leadership within automotive performance, maintenance, and appearance markets. The acquisition of Cyclo provides us with additional distribution in the US, and Cyclo’s international capabilities adds to our ability to service additional customers with our complete product offering. We are excited to partner with the Cyclo team to extend and grow the Cyclo business.”
Jeff L. Hull, President and Managing Partner of Highlander, added, “The addition of Cyclo to our growing family of brands further reinforces our strategy to build a leading business in the automotive performance, maintenance, and appearance markets. Closing our forth acquisition in this space within the last nine months 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. Cyclo’s deep product lineup is very complementary to building a comprehensive portfolio in car care products. Cyclo provides additional distribution reach and adds to our ability to service customers across our complete product offering globally. We are excited to partner with the Cyclo team to extend and grow Cyclo, as well as Niteo.”
NITEO is a premier formulator, manufacturer and marketer of automotive appearance and maintenance chemical products under several leading brands including AP Formulators and Trans-Mate in the car wash category; CarBrite, Hi-Tech and Trans-Mate in the detail, dealership and auto auction category. In the automotive maintenance and performance chemical industry, Niteo owns the Pyroil brand and is a licensee of the Valvoline & MaxLife brands. Niteo offers a comprehensive line of waxes, polishes, compounds, dressings, soaps, cleaners, solvents, paints and dyes, as well as fuel additives, parts cleaners, starting fluids, brake fluid, power steering fluid, and other functional fluids. For more information, visit www.niteoproducts.com.
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with over $1.2 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.