07.01.15
Atlanta, GA
877.428.9937
www.zepinc.com
Sales: $696 million for the year ended August 31, 2014.
Key Personnel: John K. Morgan, chairman, president and chief executive officer; Mark R. Bachmann, executive vice president and chief financial officer; Robert P. Collins, senior vice president and chief administrative officer; Jeffrey L. Fleck, senior vice president and chief supply chain officer; Steven E. Nichols, senior vice president and chief commercial officer.
Major Products: Zep, Zep Commercial, Zep Professional, Zep Automotive, Enforcer, Misty, TimeMist, TimeWick, Country Vet, Original Bike Spirits, Blue Coral, Black Magic, Rain-X, Niagara National, FC Forward Chemicals, Rexodan, Mykal.
New Products: TimeMist Microtech fragrance system, Assure car wash system.
Comments: Zep’s got enough zing to get the attention of private equity. In May, the company agreed to be acquired by New Mountain Capital, L.L.C. in a $692 million deal. At $20.05 a share, investors received a hefty 23% premium over its 90-day volume weighted average stock price for the period ended April 7, 2015.
“During the past year, we conducted a thorough review of strategic opportunities to enhance value for all stakeholders, and we are pleased to have reached this agreement, which we believe delivers immediate and substantial cash value to our stockholders,” said John K. Morgan, chairman, president and chief executive officer of Zep Inc. “We also are confident that this transaction will allow Zep Inc. to continue to deliver the high quality products and services our customers have come to expect from us as well as provide additional opportunities for our associates from future growth and business building. New Mountain Capital is a strong investor with a proven track record as a business builder with substantial resources and expertise, and we look forward to continued success as a private company under their ownership.”
The move came just two months after Zep implemented organizational changes to accelerate organic growth. Steve Nichols was put in charge of commercial organizations, including the worldwide sales, marketing and R&D organizations for Zep, Zep Professional, Zep Commercial and all other Zep Inc. brands. Jeff Fleck added the additional responsibilities for customer service and international operations.
Last year, Zep’s sales rose 1%, but net income fell 44%. For the six months ended Feb. 28, 2015, sales rose less than 2% to $328 million.
877.428.9937
www.zepinc.com
Sales: $696 million for the year ended August 31, 2014.
Key Personnel: John K. Morgan, chairman, president and chief executive officer; Mark R. Bachmann, executive vice president and chief financial officer; Robert P. Collins, senior vice president and chief administrative officer; Jeffrey L. Fleck, senior vice president and chief supply chain officer; Steven E. Nichols, senior vice president and chief commercial officer.
Major Products: Zep, Zep Commercial, Zep Professional, Zep Automotive, Enforcer, Misty, TimeMist, TimeWick, Country Vet, Original Bike Spirits, Blue Coral, Black Magic, Rain-X, Niagara National, FC Forward Chemicals, Rexodan, Mykal.
New Products: TimeMist Microtech fragrance system, Assure car wash system.
Comments: Zep’s got enough zing to get the attention of private equity. In May, the company agreed to be acquired by New Mountain Capital, L.L.C. in a $692 million deal. At $20.05 a share, investors received a hefty 23% premium over its 90-day volume weighted average stock price for the period ended April 7, 2015.
“During the past year, we conducted a thorough review of strategic opportunities to enhance value for all stakeholders, and we are pleased to have reached this agreement, which we believe delivers immediate and substantial cash value to our stockholders,” said John K. Morgan, chairman, president and chief executive officer of Zep Inc. “We also are confident that this transaction will allow Zep Inc. to continue to deliver the high quality products and services our customers have come to expect from us as well as provide additional opportunities for our associates from future growth and business building. New Mountain Capital is a strong investor with a proven track record as a business builder with substantial resources and expertise, and we look forward to continued success as a private company under their ownership.”
The move came just two months after Zep implemented organizational changes to accelerate organic growth. Steve Nichols was put in charge of commercial organizations, including the worldwide sales, marketing and R&D organizations for Zep, Zep Professional, Zep Commercial and all other Zep Inc. brands. Jeff Fleck added the additional responsibilities for customer service and international operations.
Last year, Zep’s sales rose 1%, but net income fell 44%. For the six months ended Feb. 28, 2015, sales rose less than 2% to $328 million.