Hi-Tech Industries, a Farmington-based supplier of branded car care product accessories and specialty aerosols to the automotive appearance industry, has been sold by NiTEO Products in Dallas to MPE Partners, a private equity firm in Cleveland. Terms of the transaction were not disclosed.
Hi-Tech will continue to operate autonomously and all operations will remain unchanged at its facilities in Farmington and Southfield, where all manufacturing and distribution takes place.
Given the standalone nature of Hi-Tech’s brands and operations, NiTEO will ensure a timely transition without any disruption of service to shared customers. The business will continue to be led by Hi-Tech’s current president, Nathan Iverson.
“I am excited to partner with MPE Partners to accelerate our success as a leader in the professional automotive appearance industry with a focus on growing our business both organically and via M&A,” says Iverson.
Jeff L. Hull, chairman of NiTEO, and president and CEO of Highlander, which owns NiTEO, says: “Highlander is very happy with the performance of Hi-Tech over the past five years, and I look forward to watching Nathan and his team achieve new levels of success in their next phase of growth.”