In early 2015, Harvey & Company formed a partnership with a Midwest-based private equity fund to seek out an investment opportunity in the personal care industry. After identifying Liquid Technologies as a fit, we learned the owners were seeking a liquidity event, and wanted to back away from day-to-day management of the business. They were intrigued by deep industry experience of our team, operating partner relationships, and the prospect of a strong financial partner to support an expansion of the business while retaining an equity stake. Harvey & Company initiated the recapitalization of Liquid Technologies and co-invested alongside our private equity partners in April 2016.
Liquid Technologies is a contract formulator and manufacturer of personal care products, providing full service capabilities including formulation, development, blend manufacturing, filling and packaging. Liquid Technologies offers hair care products such as shampoos, conditioners, styling products and aerosols, in addition to skin care products such as creams, lotions and serums. The company serves both custom formulation and private label customers ranging from professional salons to established brands.
Harvey & Company led the search for add-on acquisitions to aggressively grow Liquid Technologies, and expand the product portfolio. In the process, we helped to position Liquid Technologies as a one-stop solutions provider and attractive partner to customers seeking to take advantage of industry trends toward custom products in premium market segments. The company after substantial internal growth and new customer acquisition was sold in December 2019, generating an attractive return for all shareholders.