NiTEO Products, a leading formulator, packager and marketer of automotive appearance, air care and performance / maintenance chemical brands, today announced the sale of Hi-Tech Industries to MPE Partners (Morgenthaler Private Equity). Hi-Tech, based in Farmington, Michigan, is a provider of a full line of branded professional car care product accessories and specialty aerosols to the automotive appearance industry. NiTEO is a portfolio company of Highlander Partners.
The transaction supports NiTEO’s strategic objective of focusing on the growth of its car wash, air care and performance/maintenance chemical brands that are predominantly manufactured and distributed out of its Hernando, Mississippi, facility, and to further concentrate on expanding in its core markets and customer base in the US and Internationally.
Hi-Tech will continue to operate autonomously and all operations will remain unchanged and continue to be conducted from the company’s two facilities in Farmington and Southfield, Michigan, where all manufacturing and distribution take place. Given the standalone nature of Hi-Tech’s brands and operations, NiTEO will ensure a timely transition without any disruption of service to shared customers. The business will continue to be led by Hi-Tech’s current President, Nathan Iverson.
Iverson commented, “I am excited to partner with MPE Partners to accelerate our success as a leader in the professional automotive appearance industry with a focus on growing our business both organically and via M&A. We are very appreciative of the support that Highlander and NiTEO provided during our tenure and are excited to continue our growth with MPE Partners.”
Jeff L. Hull, Highlander president and CEO and chairman of NiTEO Products, said, “Highlander is very happy with the performance of Hi-Tech over the past five years, and I look forward to watching Nathan and his team achieve new levels of success in their next phase of growth.”
Hennepin Partners served as financial advisor to Highlander Partners, L.P. for the sale of Hi-Tech.
