Hennepin Partners Advises Hi-Tech Industries, a Subsidiary of NiTEO Products, a Portfolio Company of Highlander Partners on its Sale to MPE Partners
Dallas, TX – 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 (“Hi-Tech”) to MPE Partners (“MPE” or “Morgenthaler Private Equity”). Hi-Tech, based in Farmington, Michigan, is a leading provider of a full line of branded professional car care product accessories and specialty aerosols to the automotive appearance industry.
Hennepin Partners served as Highlander and NiTEO’s exclusive financial advisor and Foley & Lardner LLP served as legal counsel. The transaction closed on April 29, 2022. Terms of the transaction were not disclosed.
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.
Headquartered in Farmington, Michigan, Hi-Tech is a leading provider of innovative car care accessories, appearance liquids, and specialty aerosols. With over 2,300 SKUs sold across eight highly-recognized brands, Hi-Tech is the preeminent one-stop solution in the detailing and reconditioning market.
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, Michigan and Southfield, Michigan, where all manufacturing and distribution takes 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.
Mr. 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.” Mr. Hull also added, “The Hennepin Partners team was an invaluable resource in this process. Hennepin’s team of senior bankers provided the transaction expertise and industry knowledge necessary to achieve a successful outcome for the shareholders. We are grateful for their partnership and look forward to working with the Hennepin team on a future transaction.”