HandStands said Monday it bought the Lexol business, and its associated products and brands, from Summit Industries. Financial terms weren’t announced. Marietta, Georgia-based Lexol provides products to take care of leather. HandStands is a portfolio company of Trivest.
DRAPER, Utah, May 4, 2015 /PRNewswire/ — HandStands CEO, Chris Anderson, announced Friday that the company has acquired the Lexol business, and its associated products and brands, from Summit Industries of Marietta, GA. Lexol has been a leader in leather care for over 80 years and boasts more than 30 products for home and auto use. HandStands holds the #1 spot in U.S. market share*, in both revenue and units sold, for automotive air fresheners with its Refresh your Car! ®, Bahama & Co. ® and DRIVEN® branded products. *[Source: NPD Group, 52 WE 4/4/2015 –Retail Tracking Service]
“In the ten years since launching our first car air freshener, HandStands has gone from industry newcomer, to market share leader,” said CEO Chris Anderson. “The addition of Lexol, with its rich history and consumer-trusted brand, allows HandStands to reach further into the automotive consumer goods industry and adds a presence in the home care products market as well.” Regarding the future of Lexol, Anderson stated: “The Lexol brand is poised to be a major growth vehicle for our company, and we intend to invest heavily through our proven formula of industry-leading consumer research combined with innovative product development.”
Lexol products serve the automotive, sporting goods, furniture, fashion and footwear markets. The automotive leather care market, in particular, has been a key driver of Lexol’s growth in the marketplace –with Lexol market share increasing by double-digits in each of the past three years.*
*[Source: NPD Group, 52 WE 11/14 –Retail Tracking Service]
Founded in 1983, HandStands is a portfolio company of Trivest, a founder/family-owned focused private equity firm established in 1981. HandStands is headquartered in Draper, Utah, and its products can be found in Mass, Grocery, Hardware and Automotive Parts retailers throughout the world. Its brands include: Refresh your Car! ®, Bahama & Co® and DRIVEN®.
The Lexol purchase represents HandStands’ first acquisition, and the company intends to continue its aggressive growth trajectory through additional add-on acquisitions, along with continued organic growth.