CR Brands, a portfolio company of Resilience Capital Partners, has agreed to acquire oneCare‘s liquids division. No financial terms were disclosed. OneCare is a global manufacturer of products.
CLEVELAND, Dec. 5, 2013 /PRNewswire/ — An affiliate of Resilience Capital Partners, a Cleveland-based private equity firm, has announced it has agreed to acquire the assets of the Liquids division of oneCare, Inc. (“oneCARE”). This is Resilience Capital Partners’ first add-on acquisition by its CR Brands, Inc. (“Company”) platform, which it acquired in September 2012. Headquartered in West Chester, OH, CR Brands operates manufacturing facilities in Spartanburg, SC, and markets its products under the nationally recognized brands Mean Green, Biz, Oxydol and Pine Power. This acquisition doubles the number of brands the Company now offers. Acquired brands include the leading brand in home dry cleaning, Dryel as well as a variety of drain pipe opening solutions including Roto-Rooter and Drain Pro. The Company also manufactures a variety of liquid cleaning products under a contract manufactured basis.
CR Brands enjoys national distribution and deep customer relationships with leading retailers such as Dollar General, Family Dollar, Walmart, Target and Kroger. The Company has also partnered with certain customers (e.g. Kroger, Publix) to manufacture a broad assortment of proprietary store brand household cleaning products. The Company’s senior leadership team led by Chief Executive Officer, Rich Owen will continue to manage the Company’s day-to-day operations.
“In our industry, a strong pipeline of innovative products is the key to success. This acquisition really raises our game in that area – as it doubles the number of branded items we bring to the trade, and more than doubles the Product Development resources needed to drive innovation on those brands,” said Mr. Owen.
“Dryel and Roto-Rooter are premium brands with proprietary solutions to consumers’ cleaning and maintenance challenges, and are a good fit with our current brand portfolio,” added Michael Merriman, Chairman of the Company.
“The combination of CR Brands and the oneCARE assets result in a single company that has tremendous breadth in laundry and specialty cleaning coupled with greater manufacturing scale, deeper product development expertise, and expanded trade-reach,” said Bassem Mansour, Co-CEO of Resilience Capital Partners.
About CR Brands
Founded in 2000, CR Brands manufactures and markets a focused portfolio of affordable household cleaning and laundry products with superior performance attributes. CR Brands’ products are marketed under the well-known brands Mean Green, Biz, Oxydol, Pine Power and Magnum Power. For more information, visit www.crbrandsinc.com
About Resilience Capital Partners
Headquartered in Cleveland, OH, Resilience Capital Partners invests in niche-oriented manufacturing and business service companies located in the Midwestern and Mid-Atlantic United States with sustainable market positions and a clear path to cash flow improvement. Resilience targets platform businesses with $25 million to $250 million in revenues across a broad range of industries where it can improve a company’s operations, competitive positioning and profitability. Since its founding in 2001, Resilience Capital has invested in 33 companies under 20 platforms. Its portfolio companies today employ more than 5,000 people in 14 states and collectively represent over $2 billion in revenues. Resilience manages in excess of $320 million for its global investor base which includes pension funds, insurance companies, foundations and endowments, fund of funds, wealth managers, and investment consultants. For more information, please visit www.resiliencecapital.com.
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