(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, is pleased to announce that Weiman Products, LLC (“Weiman” or the “Company”), a recently acquired portfolio company of Cortec Group Fund V, L.P. (“Cortec Fund V”), has acquired all of the specialty cleaning brands of The Homax Group, Inc. (“Homax”). Homax’s specialty cleaning brands include Goo Gone®, Magic®, Stone Care International®, Natural Magic®, OOPS!® Paint Remover, and Gonzo.
“Adding Homax’s specialty cleaning brands to Weiman solidifies the Company’s position as the leading specialty cleaning products provider in the market,” said Carl DeMasi, Weiman’s President and CEO. “We fully expect our customers, suppliers, and employees to benefit from this acquisition.”
“This acquisition made perfect sense for Weiman,” added David Schnadig, a Managing Partner at Cortec. “Homax’s specialty cleaning product line is highly complementary to Weiman’s and supplements already strong brand equity and awareness, particularly with the well known Goo Gone® and Magic® brands.”
“We share the Weiman management team’s enthusiasm. This acquisition adds scale, introduces new product categories and provides immediate access to additional served markets,” said Jeffrey Shannon, a Managing Director at Cortec.
The Homax acquisition represents Cortec Fund V’s seventh acquisition.
About Weiman Products, LLC
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, sold under the Weiman® and 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. Weiman’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 many of the channel’s leading OEMs and distributors.
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.
