BB&T Capital Markets has acted as the exclusive adviser to The Penray Companies, a portfolio company of Source Capital, in its sale to PLZ Aeroscience, which is majority-owned by Pritzker Group Private Capital. The deal closed on June 1.
Source Capital had been invested in Illinois-based Penray since 2010.
The Penray Companies is a manufacturer and marketer of automotive chemicals serving the heavy-duty truck and automotive aftermarket segments. The company, which was founded in 1950, sells under the Penray and Super-X brands and offers private label products. Penray specializes in providing diesel engine coolant liquids and filters to the professional fleet technician.
A North American leader in specialty aerosol product manufacturing, the PLZ Aeroscience family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, brand and private label products. The company formulates, blends, fills and packages more than 2,500 brand and private label products, including industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides, cleaners, polishes, air fresheners and personal care products. Founded in 1947, PLZ Aeroscience is a member of Pritzker Group which owns and operates market-leading companies in the manufactured products, services and health care sectors.