CLEVELAND and BOSTON , May perhaps 5, 2022 /PRNewswire/ — MPE Associates (“MPE” or “Morgenthaler Non-public Fairness”) announced today the recapitalization of Hi-Tech Industries (“Hello-Tech” or the “Enterprise”), a main service provider of consumable car detailing and reconditioning products to the professional and do-it-your self markets. Hi-Tech provides a complete line of ground breaking and higher-top quality car or truck treatment equipment, visual appeal liquids, and specialty aerosols across its portfolio of proprietary makes.
MPE acquired Hello-Tech from NiTEO Goods, a leading organization in the automotive chemical, appearance, and air care room owned by Highlander Associates, L.P. Hi-Tech’s functions will keep on being unchanged and go on to be carried out from its two amenities in Farmington, MI, and Southfield, MI, where by all blending, gentle assembly, and distribution takes spot. MPE’s expense returns Hi-Tech to a standalone platform and positions the Enterprise for accelerated growth in the substantial and growing automotive aftermarket, together with qualified detailing and automotive collision / system store segments.
MPE partnered in the transaction with Nathan Iverson, Hi-Tech’s Chief Executive Officer, who will proceed to direct the enterprise. Peter Taft, Partner at MPE, reported, “With a history courting again more than 70 a long time, Hi-Tech has set up alone as the lover of choice for distributors and close-customers in these marketplaces.” Constantine Elefter, Principal at MPE, included, “We are enthusiastic to companion with Nathan and the relaxation of the Hi-Tech workforce and look forward to even more expansion at the Organization by way of each organic and natural and inorganic initiatives.”
Nathan Iverson additional, “We are thrilled to companion with MPE and appear forward to leveraging MPE’s financial and operational means to enrich the subsequent section of Hello-Tech’s progress. With the assistance of MPE, we will go on to increase our merchandise offerings, increase abilities, and invest in our group whilst furnishing greatest-in-course solutions and company to our shoppers.”
Apogem Money provided funding to help the transaction. Jones Working day served as legal advisor to MPE.
Headquartered in Farmington, MI, Hello-Tech is a major supplier of innovative motor vehicle treatment add-ons, visual appeal liquids, and specialty aerosols. With above 2,300 SKUs offered across eight extremely-recognized brand names, Hi-Tech is the preeminent one-prevent answer in the detailing and reconditioning current market. For extra information and facts, make sure you stop by www.htiusa.com.
About MPE Companions
MPE Companions (“MPE” or “Morgenthaler Non-public Equity”) seeks to be the chosen spouse for entrepreneur- and household-owned firms. Based in Cleveland, OH, and Boston, MA, MPE invests in worthwhile, reduced center sector providers with transaction values up to $250 million. MPE has two primary target investment parts: superior-worth production and professional & industrial companies. For additional details, remember to check out www.mpepartners.com.
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