PE FIRM ACQUIRES CONTROLLING INTEREST IN HI-TECH INDUSTRIES
Highlander Partners L.P., a Dallas-based private investment firm, has announced that it had acquired a controlling interest in Hi-Tech Industries Inc. Hi-Tech, based in Farmington, MI, is a provider of a full line of professional car care product accessories and specialty aerosols to the automotive appearance industry. Hi-Tech will operate through a holding company owned by Highlander that has various investments in automotive appearance and maintenance products.
The business will continue to operate autonomously. All operations will remain unchanged and continue to be conducted from Hi-Tech's two facilities in Farmington, MI and Southfield, MI, where all manufacturing and distribution takes place. The business will continue to be led by Hi-Tech's current CEO, Herschel Wright.
"The addition of Hi-Tech to our growing family of brands further reinforces our strategy to build a leading business in professional automotive products including car wash, auto dealership, auto auction, and professional detailer markets,” said Jeff L. Hull, president and managing partner of Highlander. “Closing our third acquisition in this space within the last six months further validates our intent to utilize acquisitions to complement our organic growth efforts,” he added.
Highlander Partners has over $1.2 billion of assets under management. The firm focuses on making investments in businesses in targeted industries in which the principals of the firm have significant operating and investing experience. The firm uses a "buy and build" investment approach, creating value by helping companies grow organically and through acquisitions. For more information, visit www.highlander-partners.com.