Carlyle Group sold its 48% stake in cleaning products maker PurposeBuilt Brands to a group led by Rock Mountain Capital and family-owned conglomerate Olayan Group, the firms said on Wednesday.
A source familiar with the matter said valuation of PurposeBuilt, which is majority owned by TA Associates and the company management, stood at around $1.6 billion.
Demand for hygiene goods and disinfectants sky rocketed in the early months of the COVID-19 pandemic and sales of such products have remained steady since.
Founded in 1941, PurposeBuilt has recorded 41 consecutive years of organic growth, but it does not disclose sales figures. It houses cleaning product brands including Weiman, Green Gobbler and Goo Gone.
Source: Reuters.com