NiTEO Products—a formulator, packager and marketer of household and automotive chemical brands and a portfolio company of Dallas-based Highlander Partners—has acquired Faultless Brands from Architect Equity.
Based in Kansas City, Missouri, for over 138 years, Faultless Brands makes some of the most recognizable brands in the household products industry: Faultless, Niagara, and Magic, which are market share leaders in fabric care, and Bon Ami, a scratch-free powder cleanser that cleans without harsh chemicals.
“We’re excited to combine such an iconic portfolio of brands into NiTEO to accelerate our success as a leader within household products,” John Rabenhorst, NiTEO CEO and a Highlander Principal, said in a statement.
“Faultless, Niagara, Magic, and Bon Ami are highly recognizable, efficacious products that are top performers in their respective categories,” he added. “We’re looking forward to building upon the 138-year-old heritage of the portfolio and continuing to take these brands to new heights.”
John Robenhorst, CEO of NiTEO and a principal at Highlander Partners [Photo courtesy of Highlander Partners]
Expands NiTEO’s household products division
The deal is part of NiTEO’s strategic objective of building and growing a portfolio of highly effective, branded household and automotive products. The Faultless acquisition will expand NiTEO’s household products division and further strengthen its position as a leading branded products business serving the home care market, the company said.
Jeff L. Hull, Highlander President and CEO, said the acquisition “reconfirms our strategy of executing strategic add-on acquisitions that enhance and expand NiTEO’s existing business and branded product offerings in the home care segment.”
“Building a house of brands within the household category to complement our automotive products will allow us to enhance existing NiTEO relationships and unlock additional revenue opportunities for our existing brands,” Hull added in the statement. “We’re continuing to evaluate M&A opportunities and expect to make additional acquisitions going forward.”
Canaccord Genuity served as exclusive financial advisor to Faultless Brands in the transaction. Monroe Capital LLC provided senior financing facilities and NMP Capital provided mezzanine debt and equity in support of the transaction.
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