MPE Partners and Appearance Technology Group Announce the Acquisition of BAF Industries

CLEVELAND and BOSTON, May 8, 2024 /PRNewswire/ — MPE Partners (“MPE” or “Morgenthaler Private Equity”), along with portfolio company Appearance Technology Group (“ATG”), announced the acquisition of BAF Industries (“BAF”). Founded in 1935, BAF is a leading manufacturer of branded, consumable car care liquid chemicals and specialty aerosols for professional and do-it-yourself (“DIY”) users. BAF offers a comprehensive portfolio of soaps, cleaners, degreasers, aerosols, waxes, polishes, compounds, and coatings sold under the PRO® brand.

MPE and ATG partnered in the transaction with BAF’s owners, John Bell and Michael Bell, as well as its management team. Nathan Iverson, CEO of ATG, said, “BAF and its PRO® brand draw on a rich history and longstanding reputation within the professional detailing market. We look forward to expanding the reach of the PRO® brand across our combined distribution footprint and building upon the brand’s storied history.”

John and Michael Bell stated, “ATG’s vision, reputation, and track-record in partnering with industry leading brands resonated with us and the PRO® brand that our family has built. We look forward to partnering with ATG to carry on the legacy and vision of our grandfather, Jack Burford, and father, Frank Bell.”

Rory MacLellan, Vice President at MPE, added, “We are incredibly excited to welcome BAF’s PRO® brand to the ATG portfolio as we continue to expand our offering of leading brands serving the needs and preferences of professional and DIY end-users.”

Apogem Capital provided financing to support the transaction. Jones Day served as legal advisor to MPE.

About BAF Industries
Headquartered in Tustin, CA with a manufacturing and distribution facility in Florence, KY, BAF is a leading manufacturer of branded, consumable car care liquid chemicals and specialty aerosols for professional and do-it-yourself (“DIY”) users. BAF offers a comprehensive portfolio of soaps, cleaners, degreasers, aerosols, waxes, polishes, compounds, and coatings sold under the PRO® brand. For more information, please visit www.prowax.com.

About Appearance Technology Group
Headquartered in Farmington, MI, ATG is a leading provider of innovative car care accessories, appearance liquids, compounds & polishes, and specialty aerosols. With over 2,500 SKUs sold across ten highly recognized brands, ATG is the preeminent one-stop solution across vehicle detailing, reconditioning, paint, body, and equipment, car wash, and automotive OEM markets. For more information, please visit www.AppearanceTG.com.

About MPE Partners
MPE Partners (“MPE” or “Morgenthaler Private Equity”) seeks to be the preferred partner for entrepreneur- and family-owned companies. Based in Cleveland, OH, and Boston, MA, MPE invests in profitable, lower middle market companies with EBITDA between $8 million and $40 million. MPE has two primary target investment areas: high-value manufacturing and commercial & industrial services. For more information, please visit www.mpepartners.com.

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SOURCE MPE Partners