Stainsafe Merges with Multimaster

Global Care Solutions LLC, a provider of furniture care and protection, has been formed via the merger of Stainsafe and Multimaster North America. No financial terms were disclosed. Stainsafe is majority owned by Palm Beach Capital, while Multimaster is a unit of Italy-based Uniters. 

PRESS RELEASE

Palm Beach Capital, a South Florida based private equity firm and majority owner of Stainsafe, together with Uniters, an Italian based global manufacturer and distributor of leading furniture care products and warranty programs and the majority owner of Multimaster North America, are pleased to announce the merger of Stainsafe and Multimaster and the subsequent formation of a new joint venture, Global Care Solutions, LLC.

Global Care Solutions will capitalize and build upon the core competencies of Uniters, Stainsafe and Multimaster and will be the leading force in the furniture care and protection business. Both Palm Beach Capital and Uniters have made significant capital investments into the new Global Care Solutions, and as such the new company is well positioned to provide comprehensive, top quality products and outstanding underwritten warranty programs and services for the home, automotive and boating care industries.

“By bringing together and building upon the best of Stainsafe, Multimaster and Uniters, Global Care Solutions will provide customers and consumers with outstanding, top quality solutions to effectively address their home care related needs,” said Gordian Tork, CEO of Uniters. “Providing great products and programs and outstanding customer service is how to win in this tough economic market, and that is exactly what Global Care Solutions is now set up to do.”

“We are excited to partner with Uniters and leverage the many synergies of all our companies in order to deliver maximum customer satisfaction,” said Mike Schmickle, Palm Beach Capital. “This combination is truly great news for all of our employees, customers and suppliers.”

Global Care Solutions will be based in Palm Beach Gardens, Florida and effective immediately Karen Gough, former EVP of Stainsafe, will assume the role of President and CEO of Global Care Solutions, with Gordian Tork as Chairman.

About Palm Beach Capital

Founded in 2001, Palm Beach Capital is a private equity investment firm which specializes in making investments in and building early and middle-stage private companies. With offices in both West Palm Beach and Tampa, Florida, the firm focuses on high growth investment opportunities with enterprise values ranging from $10 million to $100 million. Since its inception, Palm Beach Capital has made investments in 27 companies and has approximately $200 million in total assets under management. For more information, please visit the firm's website at www.pbcap.com.

About Uniters S.p.A.

Uniters S.p.A. is an international company with global headquarters in Montecchio, Maggiore, Italy, and U.S. headquarters in Greensboro, North Carolina. Uniters manufactures and sells over 350 different products in more than 90 countries worldwide for the care, cleaning and protection of leather, fabrics, wood and marble. Uniters products are sold under the following brand names: Leather Master, Textile Master, Wood Master, Boat Master, Repair Master and Stone Master. All of these outstanding products are developed by Dr. Tork. For more information about the company, please refer to www.uniters.com.