The Carlyle Group will acquire a majority stake in Minneapolis-based Victory Innovations, a maker of high-tech electrostatic sprayers used to disinfect offices, airplanes, schools and other businesses. No financial terms were disclosed.
WASHINGTON and MINNEAPOLIS – Global investment firm The Carlyle Group (NASDAQ: CG) today announced it will acquire a majority stake in Minneapolis-based Victory Innovations, a maker of high-tech electrostatic sprayers used to disinfect offices, airplanes, schools and other businesses.
Demand for Victory’s cordless electrostatic sprayers has grown significantly since the company’s founding in 2014, and recently saw a dramatic increase as a result of COVID-19. Carlyle’s investment will accelerate Victory’s growth trajectory, including its planned expansion in key global markets in Asia, Europe, Latin America and Africa.
Chris Gurreri, Victory Innovations Co-Founder and CEO said, “Victory’s electrostatic sprayers are quickly becoming the new standard in infection control, in particular as businesses plan to reopen following the coronavirus pandemic. Along with co-founders Kyle Wheaton and Cliff Wright, we’re pleased to partner with Carlyle, an investor with a record of success helping companies scale and expand globally. We look forward to working with them as we continue providing the tools that make our hospitals, schools, and communities safer.”
Vipul Amin, a Managing Director at The Carlyle Group, said, “As more and more businesses grasp the need to not just clean surfaces, but disinfect them, we see tremendous growth opportunity for Victory. Their highly effective technologies are more cost effective, use less disinfectant and operate faster than alternative disinfecting methods. We look forward to working alongside the co-founders and the entire Victory team as we support their continued expansion.”
Victory’s electrostatic sprayers offer an effective and efficient method of disinfecting surfaces. The sprayers can cover a large surface area with disinfectant quickly, including wrapping around objects, and provide more uniform coverage of a surface than other disinfecting methods. Their ease of use allows for the product to be used across a wide variety of end-markets.
Schools and hospitals were among the first to adopt Victory’s technology, followed by an increasing number of other businesses and industries, from airlines and hotels to gyms and professional sports.
The transaction is subject to customary conditions and is expected to close by the end of September 2020.
Equity for the transaction will come from Carlyle Partners VII, an $18.5 billion fund primarily focused on majority and strategic minority investments in the U.S. in targeted industries.
About Victory Innovations
Victory Innovations is a leading provider of cordless electrostatic spraying equipment for disinfecting surfaces. Victory Innovations is transforming the way businesses, transportation systems, hospitals and schools are cleaning and santizing using electrostatic technology. The chemical-agnostic product enables users to sanitize any surface area with the convenience of cordless portability, faster application time and reduced chemical usage. Founded in 2014, Victory has sales in over 40 countries. For more information, please visit www.victorycomplete.com.
About The Carlyle Group
The Carlyle Group (NASDAQ: CG) is a global investment firm with deep industry expertise that deploys private capital across four business segments: Corporate Private Equity, Real Assets, Global Credit and Investment Solutions. With $221 billion of assets under management as of June 30, 2020, Carlyle’s purpose is to invest wisely and create value on behalf of its investors, portfolio companies and the communities in which we live and invest. The Carlyle Group employs more than 1,800 people in 31 offices across six continents. Further information is available at www.carlyle.com. Follow The Carlyle Group on Twitter @OneCarlyle.