CLEVELAND and BOSTON, Jan. 10, 2024 /PRNewswire/ — MPE Partners (“MPE” or “Morgenthaler Private Equity”), along with its portfolio company Appearance Technology Group (“ATG”), announced the acquisition of P&S Detail Products (“P&S”). Founded in 1961, P&S is a leading designer and manufacturer of branded, consumable car care liquid chemicals for professional and do-it-yourself (“DIY”) users. P&S offers a comprehensive portfolio of cleaners, dressings, polishes, waxes, and coatings across its Pro Series and Double Black collections.
MPE and ATG partnered in the transaction with P&S’s owners, Bob Phillips and Dave Phillips, as well as its management team. Nathan Iverson, CEO of ATG, said, “P&S has established itself as one of the preeminent brands within the automotive detailing community. P&S’s success has been underpinned by the Phillips’ unwavering passion for serving the needs of detailers through innovative and high-quality products. We look forward to supporting P&S’s continued success as part of the ATG family of brands.”
Bob Phillips, Co-Owner and President of P&S, stated, “On behalf of the Phillips family, we are exceptionally proud of what P&S has accomplished and look forward to the next chapter of growth alongside ATG.” Dave Phillips added, “We are excited to partner with the team at ATG as we continue to build upon the ongoing legacy of the P&S brand that our father, Bill Phillips, founded over 60 years ago.”
Rory MacLellan, Vice President at MPE, stated, “We are thrilled to welcome P&S to the ATG portfolio of brands and look forward to accelerating growth across the combined company’s product portfolio, geographic reach, and shared capabilities.”
Apogem Capital provided financing to support the transaction. Jones Day served as legal advisor to MPE.
About P&S Detail Products
Headquartered in Hayward, CA, P&S is a leading designer and manufacturer of premium branded detailing products for professional and DIY users. The company offers a comprehensive portfolio of innovative cleaners, dressings, polishes, waxes, and coatings across its Pro Series and Double Black collections. For more information, please visit www.psdetailproducts.com.
About Appearance Technology Group
Headquartered in Farmington, MI, ATG is a leading provider of innovative car care accessories, appearance liquids, compounds & polishes, and specialty aerosols. With over 2,500 SKUs sold across ten highly recognized brands, ATG is the preeminent one-stop solution across vehicle detailing, reconditioning, paint, body, and equipment, car wash, and automotive OEM markets. For more information, please visit www.AppearanceTG.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 EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.
SOURCE MPE Partners
