NEW YORK, Feb. 2, 2022 /PRNewswire/ -- Rock Mountain
Capital, The Olayan Group and funds managed by global investment
firm Carlyle (NASDAQ: CG) today announced that a group led by Rock
Mountain and Olayan has acquired a 48% stake in PurposeBuilt
Brands, the proceeds of which were used to redeem Carlyle's
position. TA Associates, an investor since 2019, and company
management are rolling 100% of their equity and will hold a 52%
ownership stake.
PurposeBuilt Brands is a portfolio of leading specialty cleaning
products for the consumer and commercial markets. In 2021, the
company celebrated its 41st consecutive year of
year-on-year growth, operating with a strong consumer- and
customer-centric approach, combined with distinguished chemical and
manufacturing expertise.
"PurposeBuilt Brands has an outstanding collection of brands
serving consumer and commercial customers, and a proven history of
growth," said David Scharf, Managing
Director, Rock Mountain Capital. "As a PurposeBuilt Board member
for the past three years I have seen first-hand how Chris Bauder, Carlyle and TA have been able to
expand the company's portfolio and strong customer relationships.
We look forward to building on this success and to supporting
PurposeBuilt's future growth with TA and with Chris and his
team."
"What is exciting about this investment is the strength and
resilience of PurposeBuilt's portfolio, the depth of talent of the
management team, and the relationships with their customers," said
David Syriani, Managing Director,
Head of Private Equity Directs, Americas, at The Olayan
Group. "PurposeBuilt fits perfectly with Olayan's long-term
investing strategy, and is very well positioned for even greater
success."
"Over the course of our partnership, PurposeBuilt has
experienced significant growth through three strategic
acquisitions, investing in more eco-friendly and green products as
an EPA safer-choice partner two years in a row, and significantly
expanding its e-commerce business," said David Basto, Managing
Director at Carlyle. "We are proud of PurposeBuilt's unwavering
commitment to innovation and intentional focus on sustainable and
safe-to-use products and are pleased to see the company continue on
its long-term growth journey with new partners Rock Mountain
Capital and Olayan, and continuing investor TA."
"The Carlyle Group and TA have been
excellent partners over the past three years, helping us to deliver
meaningful growth, increase our ESG credentials and improve our
environmental stewardship," said Chris
Bauder, President and CEO, PurposeBuilt Brands. "We are
excited to welcome Rock Mountain Capital and The Olayan Group
as partners, and we look forward to working with them and TA to
continue to innovate and add to our portfolio of specialty cleaning
products, both domestically and internationally and to
continue our 41 consecutive years of organic growth."
"Since our initial investment in 2019, we have been fortunate to
support PurposeBuilt Brands in scaling its business, expanding on a
long history of growth, innovation and exceptional customer
service," said Bill Christ, Managing
Director, TA. "We welcome Rock Mountain Capital and Olayan, and are
excited to further our partnership with Chris and the entire
management team as we help drive continued growth for the
company."
Goodwin Procter acted as legal
advisor to Rock Mountain Capital and Shearman and Sterling LLP
acted as legal advisor to The Olayan Group. Kirkland & Ellis
acted as legal advisor to PurposeBuilt Brands. Barclays (Lead
Advisor), Morgan Stanley & Co., and Baird acted as financial
advisor to PurposeBuilt Brands.
Rock Mountain Capital
Rock Mountain Capital is a
private equity firm founded by industry veteran David Stonehill, who brings over 25 years of
experience investing in and growing middle market companies. Rock
Mountain focuses on working with entrepreneurs and management teams
in the consumer goods & services, technology, media &
telecom (TMT), and consumer-facing healthcare services sectors to
accelerate organizational development, execute on organic growth
opportunities, and pursue strategic M&A and
roll-up/consolidation strategies.
The Olayan Group
Originating in 1947, The Olayan Group
is a multinational enterprise with an actively managed portfolio of
diversified global investments across all asset classes. The
Group's international headquarters is in Vaduz, Liechtenstein. Olayan also has offices in
New York, London, Luxembourg, Vienna, Athens, Singapore and Riyadh, where its MENA investments and
commercial operations are based. The Group is a private concern
with single-family ownership, a multigenerational outlook, and
enduring partnerships.
Carlyle
Carlyle (NASDAQ: CG) is a global investment
firm with deep industry expertise that deploys private capital
across three business segments: Global Private Equity, Global
Credit and Global Investment Solutions. With $293 billion of assets under management as of
September 30, 2021, Carlyle's purpose
is to invest wisely and create value on behalf of its investors,
portfolio companies and the communities in which we live and
invest. Carlyle employs more than 1,800 people in 26 offices across
five continents.
PurposeBuilt Brands
PurposeBuilt Brands is a
high-growth portfolio of category-leading, efficacy-driven
specialty cleaning and disinfection brands. PurposeBuilt creates
products that can be trusted to perform optimally on people's
valued surfaces, spaces and equipment and are formulated to be
better for them, their families, their businesses, and the
environment. Consumer brands include Weiman, Green Gobbler, Goo
Gone, Gonzo Natural Magic, biokleen, Magic, Wright's and Stone Care
International. Commercial brands include Urnex, Five Star and
Opti-Cide, which are focused on the growing specialty beverage and
healthcare industries.
TA Associates
TA is a leading global growth private
equity firm. Focused on targeted sectors within five industries –
technology, healthcare, financial services, consumer and business
services – the firm invests in profitable, growing companies with
opportunities for sustained growth, and has invested in more than
550 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
high quality growth companies. TA has raised $47.5 billion in capital since its founding in
1968. The firm's more than 100 investment professionals are based
in Boston, Menlo Park, London, Mumbai and Hong
Kong. More information about TA can be found at
www.ta.com.
Media Contacts:
Rock Mountain Capital
Abbe Serphos
917.699.9661
aserphos@ppbcomms.com
Carlyle
Brittany
Berliner
212.813.4839
Brittany.berliner@carlyle.com
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SOURCE Rock Mountain Capital