Deal Announcement Principals of True North Advise Summit Brands in Acquisition of the Pumie® Brand
FORT WAYNE, INDIANA — Summit Brands, a leading manufacturer of niche specialty cleaning products, announced the acquisition of the Pumie® line of abrasive cleaning products from United States Pumice Company. Pumie® joins a strong portfolio of environmentally friendly abrasive cleaning solutions owned by Summit Brands. This acquisition strengthens Summit Brands’ market position and opens doors to new growth opportunities.
Pumie® products are widely used in the professional janitorial and restaurant markets and are distributed through major retailers for use at home. Pumie® is a heavy-duty, non-toxic scouring product designed to remove the toughest build-up from a variety of surfaces. It cleans through gentle abrasive action and works where other solutions fail. Top uses include removing rust and hard water build-up from plumbing fixtures as well as baked-on food from ovens and grills.
Elizabeth Anderson, a third-generation owner of the United States Pumice Company, discussed the acquisition saying, “Pumie® is a brand that has been trusted by millions for over 75 years, so we did not make this decision lightly. We know that Summit Brands, also a well-respected family-owned company that supplies high quality, sustainable and effective cleaning products, is the right fit for the Pumie® brand moving into the future.”
President of Summit Brands, Joel Harter, said, “We are pleased to welcome Pumie® to the Summit Brands family. This acquisition reflects our dedication to providing our customers and consumers with effective, sustainable cleaning options.”
Joel Harter also shared, “True North has been a great partner in several past deals and especially helpful with the complexity of the existing business climate. The professionalism of True North was a significant factor in the successful closing of this transaction. We look forward to adding Pumie® to our family and brand portfolio as it strengthens our position in the Abrasive Category.”
The Principals of True North, acting in their capacity as registered agents of Burch & Company, Inc. (“Burch”), were the lead strategic and financial advisors to Summit Brands in this transaction. In order to assist True North with securities related transactions, its principals are registered investment banking agents of Burch & Company, Inc., member FINRA/SIPC. Burch and True North are not affiliated entities.
About Summit Brands
A family-owned business started in 1958, Summit Brands offers highly effective, sustainable, and innovative household cleaning products. Summit Brands began with the distribution of a multi-purpose rust stain remover, Iron OUT®, and has since branched out to include a broader line of specialty cleaning products under the OUT®, Glisten®, Plink®, EarthStone®, Zout® and Dryel® brands. As a category leader in many consumer segments, the company’s goal is to provide high-quality cleaning products that fit the needs of the consumer with guaranteed results.
About United States Pumice Company
From a modest beginning in 1941, United States Pumice Company has grown into an international supplier of abrasive cleaning products for home, professional, and industrial uses.