Frontenac, a Chicago-based private equity firm, has completed the sale of Liquid Technologies Inc. to PLZ Aeroscience Corp. Terms of the transaction were not disclosed.
Founded in 1998 and headquartered in Chino, California, Liquid Technologies is a contract formulator and manufacturer of high-end professional hair and skin care products. The company offers fully customizable, turn-key solutions with capabilities including product development, formulation, manufacturing, filling and packaging. LTI is a strategic partner to its clients providing best-in-class resources across ideation, research and development, and marketing and sales. The company’s customers range from small growth-oriented startup brands and salons to established mid-sized brands.
“We enjoyed strong growth during Frontenac’s ownership as we executed a number of key initiatives that expanded the company’s production capabilities and customer base,” LTI CEO Steve Dickstein said in a statement. “In PLZ, we have found a future partner who will continue to support our growth and with whom we have a great strategic fit.”
Frontenac Managing Director Ron Kuehl added: “Partnering with growth-focused, founder-owned businesses is a core pillar of our strategy and we are delighted by the successful partnership we forged with Liquid Technologies.”
“During its ownership, Frontenac “invested in the successful implementation of numerous growth initiatives and unlocked significant value through operational improvements,” said the firm’s vice president, Neal Sahney.
“The company doubled in size in under four years and is positioned for continued growth under new ownership and leadership from PLZ,” Sahney added.
SunTrust Robinson Humphrey acted as financial adviser to Liquid Technologies with respect to the transaction. Katten Muchin Rosenman LLP served as legal counsel to LTI.