MPE Partners has recapitalized Hi-Tech Industries, a provider of consumable vehicle detailing and reconditioning products to the professional and do-it-yourself markets. No financial terms were disclosed. Jones Day served as legal advisor to MPE on the transaction.
CLEVELAND and BOSTON , May 5, 2022 /PRNewswire/ — MPE Partners (“MPE” or “Morgenthaler Private Equity”) announced today the recapitalization of Hi-Tech Industries (“Hi-Tech” or the “Company”), a leading provider of consumable vehicle detailing and reconditioning products to the professional and do-it-yourself markets. Hi-Tech offers a comprehensive line of innovative and high-quality car care accessories, appearance liquids, and specialty aerosols across its portfolio of proprietary brands.
MPE acquired Hi-Tech from NiTEO Products, a leading company in the automotive chemical, appearance, and air care space owned by Highlander Partners, L.P. Hi-Tech’s operations will remain unchanged and continue to be conducted from its two facilities in Farmington, MI, and Southfield, MI, where all blending, light assembly, and distribution takes place. MPE’s investment returns Hi-Tech to a standalone platform and positions the Company for accelerated growth in the large and expanding automotive aftermarket, including professional detailing and automotive collision / body shop segments.
MPE partnered in the transaction with Nathan Iverson, Hi-Tech’s Chief Executive Officer, who will continue to lead the business. Peter Taft, Partner at MPE, said, “With a history dating back more than 70 years, Hi-Tech has established itself as the partner of choice for distributors and end-users in these markets.” Constantine Elefter, Principal at MPE, added, “We are excited to partner with Nathan and the rest of the Hi-Tech team and look forward to further growth at the Company through both organic and inorganic initiatives.”
Nathan Iverson added, “We are thrilled to partner with MPE and look forward to leveraging MPE’s financial and operational resources to enhance the next phase of Hi-Tech’s growth. With the support of MPE, we will continue to expand our product offerings, add capabilities, and invest in our organization while providing best-in-class products and service to our customers.”
Apogem Capital provided financing to support the transaction. Jones Day served as legal advisor to MPE.
Headquartered in Farmington, MI, Hi-Tech is a leading provider of innovative car care accessories, appearance liquids, and specialty aerosols. With over 2,300 SKUs sold across eight highly-recognized brands, Hi-Tech is the preeminent one-stop solution in the detailing and reconditioning market. For more information, please visit www.htiusa.com.
About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with transaction values up to $250 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.