TSG Consumer Partners has sold its portfolio company Meguiar’s, which makes car care products, to manufacturing conglomerate 3M in a cash sale for an undisclosed amount.
TSG originally acquired Meguiar’s in 2003.
Meguiar’s, which produces products for auto body repair professionals as well as individual consumers, will be incorporated into 3M’s automotive aftermarket division.
The sale represents TSG’s sixth exit over the course of 24 months, according to a statement from the firm. The combined enterprise values of the six companies increased tenfold from time of purchase to exit.
San Francisco- and New York-based TSG is a private equity firm investing exclusively in the consumer products sector.
The firm closed its fifth fund in January 2007 on $875 million with the support of limited partners including the State of Michigan, the New York State Teachers’ Retirement System and the State of Colorado. TSG’s previous fund closed in September 2002 on $500 million.
Current portfolio companies include cosmetics company Smashbox, pet care supplies company Radio Systems Corporation and sports nutrition company Cytosport.