J.H. Whitney & Co. LLC appears poised to acquire Igloo Products Corp., a Katy, Texas-based company that makes ice chests, beverage coolers and thermoelectric coolers, Buyouts reported.
The Federal Trade Commission granted the New Canaan, Conn.-based buyout shop early termination of anti-trust review under the Hart-Scott-Rodino Act on Sept. 22. Such a clearance typically means the buyer and seller have reached at least a tentative agreement on a deal and are trying to expedite the anti-trust review period.
The FTC identifies the sellers as George and Julianne Argyros. George Argyros is a former ambassador to Spain and the principality of Andorra and the founder of Westar Capital LLC, a mid-market buyout shop that bought Igloo Products in 2001.
If the deal proceeds, J.H. Whitney will make the investment out of its $800 million J.H. Whitney VI LP fund, raised in 2005, according to the filing.
Officials at J.H. Whitney did not return calls seeking comment. Argyros also did not return efforts to reach him for comment.
Igloo traces its roots back to 1947 and offers more than 500 different products sold through more than 250 retailers in the U.S. and internationally, according the company’s Web site.
J.H. Whitney, founded by industrialist John Hay Whitney in 1946, considers itself one of the oldest private equity firms. Today it provides equity capital for small and mid-market companies in consumer products specialty retail, health care services, specialty manufacturing and business services.