NEW YORK--(BUSINESS WIRE)--Vestar Capital Partners announced today that it has entered into a definitive agreement with Huish Detergents, Inc., the largest manufacturer of private label laundry detergent and fabric softeners in North America, to acquire majority ownership of the Company. Founder and Chief Executive Officer, Dan Huish, will continue as Chief Executive Officer and will maintain a minority ownership position. Additional terms of the transaction were not released.
Dan Huish commented, “We are very pleased to partner with Vestar in this transaction. Vestar shares our commitment to bringing superior performance and value to each of our customers and will be a valuable sounding board to us as we continue to grow in detergents and expand our product offerings in the household and personal care categories.”
Huish Detergents has been producing private label laundry detergent and household cleaners since 1975 and is the largest manufacturer of private label laundry detergents and fabric softeners in North America. The Company’s state-of-the-art manufacturing facilities, integrated supply chain, long-term partnerships with customers and commitment to delivering the highest quality products have positioned it as a market leader in an ever-changing industry.
Huish Detergents has annual sales of approximately $1 billion and currently employs 2,300 employees in Utah, Tennessee, Kentucky and Texas. The Company will continue to be headquartered in Salt Lake City, Utah. Employees of the Company will be unaffected by the transaction.
Vestar President Jim Kelley said, “We are excited to have the opportunity to invest with Dan Huish and his distinguished team in such an outstanding company. As the clear market leader, Huish Detergents is poised for continued growth as a result of its strong customer relationships, superior product quality and high service levels. Our investment in Huish is consistent with Vestar’s targeted investment strategy of backing solid, well-established companies with leading market positions and experienced and passionate management teams.”
Mr. Kelley continued, “Dan and his team have built a terrific company with a proven track record and promising future. We’re delighted to be their partners going forward.”
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in April.
Vestar Capital Partners is a leading international private equity firm. The firm’s investment strategy is targeted towards companies in the U.S., Europe and Japan with valuations in the $100 million to $5 billion range. Since the firm’s founding in 1988, the Vestar funds have completed over 55 investments in companies with a total value of over $20 billion. These companies have varied in size and geography and span a broad range of industries. The firm’s strategy is to invest behind incumbent management teams, family owners or corporations in a creative, flexible and entrepreneurial way with the overriding goal to build long-term franchise value. Vestar currently manages funds with committed capital totaling approximately $7 billion and has offices or affiliates operating in New York, Denver, Boston, Paris, Milan and Tokyo. More information about Vestar is available at http://www.vestarcapital.com.