CHINO, Calif.--(BUSINESS WIRE)--PLZ Aeroscience Corporation (“PLZ”) today announced it has acquired Liquid Technologies, Inc. (“Liquid Technologies,” “LTI” or the “Company”) from Frontenac Company (“Frontenac”), a Chicago-based private equity firm. Financial terms of the transaction were not disclosed.
Founded in 1998 and headquartered in Chino, California, Liquid Technologies is a leading contract formulator and manufacturer of high-end professional hair and skin care products. The Company offers fully customizable, turn-key solutions with capabilities including product development, formulation, manufacturing, filling and packaging. LTI is a strategic partner to its clients providing best-in-class resources across ideation, research and development, and marketing and sales. The Company’s customers range from small growth-oriented startup brands and salons to established mid-sized brands. Chief Executive Officer Steve Dickstein and Vice President of Finance Alan Docherty will continue in their roles leading the Company.
Headquartered outside Chicago, PLZ is the North American leader in specialty aerosol and liquid product manufacturing. The PLZ family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products for a variety of consumer and industrial end markets. PLZ is owned by Pritzker Private Capital and management.
“We enjoyed strong growth during Frontenac’s ownership as we executed a number of key initiatives that expanded the Company’s production capabilities and customer base,” said Dickstein. “In PLZ, we have found a future partner who will continue to support our growth and with whom we have a great strategic fit.”
Like PLZ, LTI focuses on specialty products where customers value quality and service. LTI’s formulations and capabilities within personal care complement PLZ’s existing capabilities in the market.
“We are thrilled to be partnering with Steve and the LTI team,” said Ed Byczynski, PLZ’s President and CEO. “We believe the combination of PLZ and LTI will make us better partners to our customers as we will now be able to offer them a full suite of personal care products across a national footprint.”
Ron Kuehl, Managing Director of Frontenac, said, “Partnering with growth-focused, founder-owned businesses is a core pillar of our strategy and we are delighted by the successful partnership we forged with Liquid Technologies.”
Neal Sahney, Vice President of Frontenac, added, “During our ownership, we invested in the successful implementation of numerous growth initiatives and unlocked significant value through operational improvements. The Company doubled in size in under four years and is positioned for continued growth under new ownership and leadership from PLZ.”
About PLZ Aeroscience
PLZ Aeroscience is the North American leader in specialty aerosol and liquid product manufacturing. The PLZ family of companies specializes in the development, manufacturing, packaging and distribution of a comprehensive line of contract fill, branded and private-label products. PLZ formulates, blends, fills and packages more than 2,500 branded and private-label products including personal care products, cleaners and polishes, industrial solvents, lubricants and degreasers, adhesives, sanitary supply disinfectants, insecticides and air fresheners for home and industrial use. For more information, visit PLZAeroscience.com.
About Liquid Technologies
Founded in 1998 and headquartered in Chino, California, Liquid Technologies is a leading contract formulator and manufacturer of high-end professional hair and skin care products. The Company offers fully customizable, turn-key solutions with capabilities including product development, formulation, manufacturing, filling and packaging. LTI is a strategic partner to its clients providing best-in-class resources across ideation, research and development, and marketing and sales. The Company’s customers range from small growth-oriented start-up brands and salons to established mid-sized brands. For more information, visit LiquidTek.com.
About Pritzker Private Capital
Pritzker Private Capital partners with middle-market companies based in North America with leading positions in the manufactured products, services and healthcare sectors. The firm’s differentiated, long-duration capital base allows for efficient decision-making, broad flexibility with transaction structure and investment horizon, and alignment with all stakeholders. Pritzker Private Capital builds businesses for the long term and is an ideal partner for entrepreneur and family owned companies. For more information, visit PPCPartners.com.
About Frontenac
Frontenac is a leading private equity firm based in Chicago. The firm focuses on investing in lower middle market buyout transactions in the consumer, industrial and services industries. Frontenac works in partnership with proven operating leaders, through our executive-centric approach called CEO1ST, to identify, acquire and build market leading companies through transformational acquisitions and operational excellence. The firm has built a leading franchise working with nearly 300 owners of mid-sized businesses, almost always families or founders, as they address complex transition issues of liquidity, management enhancement and growth planning. For more information, visit Frontenac.com.
Advisors Note
SunTrust Robinson Humphrey acted as financial advisor to Liquid Technologies with respect to the transaction. Katten Muchin Rosenman LLP served as legal counsel to the Company. Kirkland & Ellis LLP served as legal counsel to PLZ Aeroscience.
