San Francisco Equity Partners (“SFEP”), a private equity firm focused on partnering with expansion stage companies across the consumer value chain, announced today that it has acquired a majority stake in Formula Corp, a leading formulator and contract manufacturer of cleaning products. Terms of the transaction were not disclosed. Formula Corp co-founders Chas Werner and Alan Gangl will continue to be shareholders of the company.
Formula Corp is an innovative manufacturer of custom blended cleaning products for both consumer and professional end markets. The company provides an array of turnkey services to its customers, including R&D, formulation, blending, filling, label and packaging development, regulatory services and fulfillment. Over decades of growth, Formula Corp has developed a specialty in the formulation and manufacture of sustainable cleaning products and eco-friendly packaging solutions, in addition to private label brand support for its customers. The company’s diverse customer base includes leading national retailers, consumer product brands, professional cleaning brands, and industrial and institutional cleaning companies. SFEP’s acquisition of Formula Corp marks the firm’s fifth platform investment into specialty manufacturing businesses serving high-growth consumer verticals.
“Formula Corp has built a great foundation for growth due to its strength in green chemistry and private label manufacturing,” said Chas Werner and Alan Gangl, co-founders of Formula Corp. “We chose SFEP as the company’s partner due to the firm’s successful track record in the home care and personal care space, coupled with its experience building contract manufacturing businesses in multiple categories.”
“We’re excited to partner with the Formula Corp team and to support them with our experience building best-in-class private label and contract manufacturing companies in other verticals,” added Scott Potter, Managing Partner at SFEP. “The company’s strengths are well aligned with long-term trends in cleaning products, and Formula Corp has become a manufacturing partner of choice to leading retailers, brands and distributors.”
Alexander Hutton acted as exclusive financial advisor to Formula Corp in connection with the transaction.
About Formula Corp
Based in Auburn, WA, Formula Corp operates out of two facilities totaling 80,000 square feet, including the company’s state-of-the-art, purpose-built manufacturing facility. The company formulates and manufactures various kinds of cleaning products for both retail distribution and professional use, including laundry detergents, dish soaps, hand soaps, surface cleaners and specialty cleaning products. In addition to blending and filling, Formula Corp provides its customers with consultation and support in the areas of brand and product development, formulation, packaging design and regulatory compliance. The company’s customers range from some of the largest retailers in the U.S. to small independent brands. For more information, visit www.formulacorp.com.
About San Francisco Equity Partners
San Francisco Equity Partners is a private equity firm focused exclusively on partnering with lower middle market companies across the consumer value chain. To each of its partner companies, SFEP serves as an extension of the management team and provides both extensive operating experience and a broad network of relationships across the consumer landscape. For more information, visit www.sfequitypartners.com.
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Contacts
Media Contact:
Jeff Fox
The Blueshirt Group (for San Francisco Equity Partners)
415-828-8298
jeff@blueshirtgroup.com
