(New York, NY) – Cortec Group (“Cortec”), a New York-based private equity firm which invests in middle-market consumer, healthcare, and specialty products and services businesses, is pleased to announce that its affiliate, Cortec Group Fund V, L.P. (“Cortec Fund V”), has sold WU Holdco, Inc. (“Weiman Products”, “Weiman” or the “Company”) to affiliates of The Carlyle Group (“Carlyle”) and TA Associates (“TA”). Terms of the transaction were not disclosed.
Weiman is a leading provider of premium branded specialty cleaning products to consumer and commercial markets. The Company’s products are well-recognized across their global markets for quality, product efficacy and an attractive value proposition. Weiman operates from its Gurnee, IL headquarters, with additional facilities in Elmsford, NY and Denver, CO. Additional information on Weiman is available at www.weiman.com.
Since Cortec acquired Weiman Products in November 2013, the Company has grown meaningfully, both organically and through various strategic acquisitions. Weiman has expanded its product offerings, customer base and served markets, while maintaining leadership positions in key specialty cleaning categories and building a significant eCommerce presence. David Schnadig, a Managing Partner at Cortec, stated, “Our investments to expand the Company’s leadership team, develop and launch new products, improve systems and infrastructure, build dedicated commercial and eCommerce teams, and complete several strategic acquisitions enabled management to triple the size of the business during our ownership. We are proud to have teamed with management during the past five plus years.” Jeffrey Shannon, a Cortec Partner, added, “We are very pleased with the results of our partnership with Weiman’s management, and share management’s enthusiasm for their next phase of growth with Carlyle and TA.”
Chris Bauder, CEO of Weiman, added, “Cortec was a superb partner for me and my team. Their understanding of the business and support of key initiatives have positioned us for continued growth and innovation. We have enjoyed working with the Cortec team and are eager to continue our success with our new partners at Carlyle and TA.”
The Cortec team included David Schnadig, Jeffrey Shannon, Gene Nesbeda, Doug Kruep, Jack Miner, and Jacob Grossetti. Weiman was co-advised in the transaction by Baird and Duff & Phelps Securities, LLC, with Jones Day serving as legal counsel.
About Cortec Group
Founded in 1984, Cortec invests in high value-added, middle-market consumer, healthcare, and specialty products and services businesses in partnership with owners and management teams who want to work with Cortec to drive growth and improve business fundamentals. Additional information about Cortec can be found at www.cortecgroup.com.
