Middle-market private equity firm Highlander Partners LP has acquired a controlling stake in Hi-Tech Industries Inc., a maker of car care products and accessories.The Hi-Tech deal marks as the PE firm’s third acquisition in the sector within the last six months. Financial terms of the deal were not disclosed.
Hi-Tech is a Farmington, Michigan-based provider of professional automobile care products such as buffing pads and aerosols. The target manufactures a variety of products, including: carpet dyes, paints, cleaners and dressings, odor eliminators, bonnets, backing plates, detail brushes, floor mats, microfibers, buffers and wash mitts. Hi-Tech currently has distribution partners established in the U.S. and more than 30 countries across Europe, Latin America, South America and Asia.