Highlander Partners LP has acquired Farmington, Michigan-based Hi-Tech Industries Inc, a provider of professional car care product accessories and specialty aerosols. No financial terms were disclosed.
DALLAS, Feb. 28, 2017 /PRNewswire/ — Highlander Partners, L.P., announced today the acquisition of Hi-Tech Industries, Inc. Hi-Tech, based in Farmington, Michigan, is a leading provider of a full line of professional car care product accessories and specialty aerosols to the automotive appearance industry. Hi-Tech will operate through a holding company owned by Highlander that has various investments in automotive appearance and maintenance products.
The business will continue to operate autonomously and all operations will remain unchanged and continue to be conducted from Hi-Tech’s two facilities in Farmington, Michigan and Southfield, Michigan, where all manufacturing and distribution takes place. The business will continue to be led by Hi-Tech’s current CEO, Herschel Wright. Mr. Wright commented, “I am excited to partner with Highlander to accelerate our success as a leader in the professional automotive appearance industry and to add to our resources to allow us to grow our business in other markets.”
Jeff L. Hull, President and Managing Partner of Highlander, added, “The addition of Hi-Tech to our growing family of brands further reinforces our strategy to build a leading business in professional automotive products including car wash, auto dealership, auto auction and professional detailer markets. Closing our third acquisition in this space within the last six months further validates our intent to utilize acquisitions to complement our organic growth efforts. We continue to evaluate numerous other potential transactions and expect to close additional acquisitions in the near future. Hi-Tech’s deep product lineup is very complementary to building a comprehensive portfolio in car care products. Hi-Tech provides additional distribution reach and adds to our ability to service customers across our complete product offering nationally. We are excited to partner with Herschel and Nathan to extend and grow Hi-Tech.”
About Highlander Partners
Highlander Partners, L.P. is a Dallas-based private investment firm with over $1.2 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience, including basic manufacturing, food, chemicals, building materials, consumer products, and others. Highlander Partners uses a “buy and build” investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.