KIK Custom Products seeks sale for over $1.5 bln -sources
Nov 13 (Reuters) - KIK Custom Products Inc, one of North America's largest manufacturers of household cleaning and personal care products, is exploring a sale that could value it at more than $1.5 billion including debt, people familiar with the matter said.
The Concord, Ontario, company, owned by private equity firm CI Capital Partners LLC, is working with Morgan Stanley on a sale process that is expected to kick off early next year, three people said this week.
KIK has annual earnings before interest, tax, depreciation and amortization of around $170 million, one of the people added.
The people declined to be named because the matter is confidential. Representatives for KIK and CI Capital Partners did not respond to requests for comment. Morgan Stanley declined to comment.
KIK generates more than $1.6 billion in annual sales and has more than 3,600 employees. Its network includes 16 manufacturing facilities across North America and South Africa.
CI Capital Partners, formerly known as Caxton-Iseman Capital, acquired the assets of KIK's parent company in 2007 for more than C$800 million ($700 million).
In early 2014, KIK acquired the consumer products business of Chemtura Corp for $300 million to expand its pool and spa chemical business. The company also bought Chem Lab Products Inc in June 2011, a chemical manufacturer for the pool, spa and retail household bleach markets. $1 = C$1.1343 (Reporting by Olivia Oran in New York; editing by Matthew Lewis)
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