Carlyle Group Inc. and TA Associates are exploring a sale of PurposeBuilt Brands Inc., an owner of specialty cleaning and disinfection products, according to people with knowledge of the matter.
The private equity firms, which control PurposeBuilt, are working with an adviser to solicit interest from suitors, said the people, who requested anonymity discussing information that isn’t public. It could fetch at least $1.5 billion, including debt, in a sale, one of the people said. The company filed paperwork for an initial public offering with U.S. Securities and Exchange Commission in January. Its plans have since pivoted, a person with knowledge of the matter said.
A Carlyle spokeswoman declined to comment. Representatives for TA and PurposeBuilt didn’t immediately respond to requests for comment.
PurposeBuilt’s brands — used in residential homes and commercial locations such as hospitals, garages and food-service venues — include Green Gobbler, Weiman, Gonzo Natural Magic, Goo Gone, Magic, Biokleen and Wright’s. The company experienced an acceleration in demand for consumer products during the Covid-19 pandemic, its IPO paperwork shows.
Carlyle has been active in chemical products this year. It is preparing paintmaker Nouryon for an initial public offering and is weighing a sale of Precoat Metals, part of Sequa Corp., Bloomberg has reported.
