NEW YORK--(BUSINESS WIRE)--TruArc Partners, a private equity firm focused on the middle-market, announced today that it has acquired Meyer Laboratory, Inc. (Meyer Lab) from its owners Russell Meyer and William “Rusty” Meyer. Founded in 1978, Meyer Lab is a manufacturer and distributor of industrial and institutional (I&I) cleaning chemicals and applications systems.
Meyer Lab delivers cleaning solutions to customers in multiple industrial and manufacturing markets who require clean, functioning equipment and facilities to operate their business. Meyer Lab’s core chemical solutions include degreasers, disinfectants, and sanitizers as well as products for broader cleaning needs. The Company utilizes its expansive network of sales representatives and local depots to routinely deliver and service its customers’ facilities. TruArc Partners will work with Meyer Lab to support its continued growth, investing in both organic initiatives and targeting strategic M&A opportunities.
“Meyer Lab, through the dedication of the Meyer family, has established a great reputation, culture, management team and manufacturing capability that has led to its success,” said John Pless, Co-Managing Partner at TruArc. “Meyer Lab fits perfectly into our investment strategy focused on specialty manufacturing and business services, and we are excited to support them in their next stage of growth.”
“Selling Meyer was a hard decision for my father and me,” said Rusty Meyer, Co-Owner of Meyer Labs. “The entire company is part of our family. However, it was the right time for us and for the company to make this transition. We believe TruArc is the right partner to help accelerate the growth of Meyer Lab well into the future.”
“Our management team is extremely excited to be partnering with TruArc for our next chapter of growth. We believe the addition of TruArc’s expertise and resources will enable us to execute on key initiatives, expand our geographic reach, add new customers in additional end markets and expand our product capabilities,” said Mike Miller, President of Meyer Lab.
Mike Miller will continue in his role as President and Rusty Meyer will remain with Meyer Lab as a key member of the Board of Directors. John Schweig, an Operating Partner at TruArc, will join the Board of Directors as Non-Executive Chairman.
“This is a wonderful company that has been built around great customer service,” said John. “That will continue to be our relentless focus as we work with Mike and his team to pursue multiple avenues for growth so that Meyer Lab can reach its full potential.”
Lincoln International LLC served as financial advisor to Meyer Lab and Baird served as financial advisor to TruArc Partners. Husch Blackwell LLP acted as legal counsel to Meyer Lab and Davis Polk & Wardwell LLP acted as legal counsel to TruArc Partners.
About Meyer Lab
Headquartered in Kansas City, MO and founded in 1978, Meyer Lab is a manufacturer and distributor of industrial and institutional (“I&I”) cleaning chemicals and applications systems. To learn more about Meyer Lab visit www.meyerlab.com.
About TruArc Partners
TruArc Partners is a private equity firm focused on middle-market investments. TruArc focuses on companies in attractive sub-sectors across specialty manufacturing and business services. The TruArc investment team collaborates with its operating partners and portfolio management teams to create value through a transformational growth strategy led by organic or acquisition-driven growth. To learn more about TruArc visit www.truarcpartners.com.
Disclosure: All endorsements and/or testimonials are from current or former portfolio company executives about TruArc’s ability to provide operational support to their companies. In certain cases, the executives are investors or co-investors in TruArc’s vehicles. The executives have not been paid, directly or indirectly, for their testimonial or endorsement but as an investor or co-investor they are inherently incentivized to endorse TruArc.
