(New York, NY) – Cortec Group (“Cortec”), a New York private equity firm which invests in middle market consumer, healthcare, and specialty products, service and distribution businesses, announced that on November 22, 2013, a group led by its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), acquired Weiman Products, LLC (“Weiman” or the “Company”). Terms of the transaction were not disclosed.
Based in Gurnee, Illinois, Weiman is a leading provider of premium branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. Weiman’s consumer division produces, markets and distributes over 50 formulations of branded specialty household cleaning products, all sold under the Weiman® or Wright’s® brand names, that address distinct cleaning needs within home, appliance, furniture, and other specialty categories. The Company’s consumer products are sold through a broad base of blue chip retailers in the global mass, food, drug, specialty and e-Commerce channels, covering over 50,000 retail doors. The Company’s healthcare division develops and manufactures over 60 healthcare formulas, consisting of detergents, instrument care solutions, high level disinfectants for processing surgical instruments, and general surface disinfection products. The Company’s healthcare products are used in the acute, physician, dental and veterinary healthcare markets and are sold to the channel’s leading OEMs and distributors.
Carl DeMasi, Weiman’s long-time President and CEO, stated, “The entire team at Weiman is thrilled to be teaming with Cortec as we enter our next phase of growth. They bring to the table a unique blend of consumer and healthcare investing experience that will undoubtedly allow us to hit the ground running.” Mr. DeMasi and the rest of the senior management team will continue in their current roles and as shareholders in the Company.
“Weiman has built an outstanding long-term track record under Carl’s leadership, evidenced by 32 consecutive years of sales growth. The Company’s consistent strong performance is directly attributable to the Weiman® brand’s reputation for quality, efficacy and value among a broad range of consumers,” said David L. Schnadig, a Managing Partner at Cortec. “Weiman’s historical growth has been impressive, but Cortec is even more excited about the Company’s future prospects. Through development of innovative products, expansion into adjacent channels and acquisitions, we believe the Company is poised for accelerated growth and are looking forward to partnering with the Weiman team,” added Jeffrey R. Shannon, a Managing Director at Cortec.
Duff & Phelps Securities, LLC served as financial advisor to Weiman.
The Weiman acquisition represents Cortec Fund V’s fifth platform investment.
About Weiman Products, LLC
Founded in 1963, Weiman is a leading provider of premium branded specialty cleaning products for the consumer market and specialty cleaning, sterilization and disinfectant products for the healthcare market. For additional information, please visit www.weiman.com.
About Cortec
Founded in 1984, Cortec acquires high value-added, middle-market consumer, healthcare, and specialty products, service, and distribution businesses from owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Cortec currently manages over $1 billion in its two active funds and targets platform acquisitions with enterprise values of $40 million to $300 million and smaller follow-on acquisitions. Additional information about Cortec can be found at www.cortecgroup.com.
