Victory Park Capital to Acquire Iconic Fuller Brush’s Consumer Business
Oct 23, 2012
Victory Park Capital (“VPC”) today announced the approval of its acquisition of the consumer business of the 106-year-old Fuller Brush Company (“Fuller Brush”), originator of the door-to-door sales model and the iconic Fuller Brush Man. The U.S. Bankruptcy Court for the Southern District of New York entered an order approving the sale of Fuller Brush’s consumer assets, consumer brands and goodwill (“Consumer Business”) to a VPC affiliate (the “Company”). The sale is expected to close next month. In a related development, VPC named industry veteran David Sabin to be the CEO of the Consumer Business.
“Our partnership with an established industry veteran such as David will prove transformative as we implement operational initiatives, introduce new products, revitalize the Fuller brands and execute on our long-term strategic plan.”
Founded in 1906, Fuller Brush is a premier manufacturer and distributor of products for household and commercial cleaning and personal care. It distributes a range of goods including home-care products for kitchen, laundry and bath, and also personal care products such as brushes and hair and skin products.
VPC, which has been Fuller Brush’s lender since 2010, is an asset-management firm that specializes in direct credit and control equity investing in middle market and distressed companies. VPC has a strong track record of successfully restructuring businesses and, as Fuller Brush’s lender, is deeply familiar with the company. As such, VPC is well-positioned to execute operational initiatives to restructure and reposition the Consumer Business for future growth as well as provide immediate working capital to meet its operational goals.
This combined with the over 40 years of industry and brand experience of David Sabin creates a strong foundation for future growth. Sabin was chairman of Salton, a housewares and appliance maker where amongst other things David was instrumental in the launch and ultimate success of the popular George Foreman Grill. He also was the owner of Sabin China Company and served as president of Ingrid Plastics. Most recently, David served as president of Kids Line, a leading provider of infant bedding and accessories in the United States.
“In addition to the existing line of Fuller consumer products, we expect to introduce new products that will re-establish Fuller and Stanley Home Products as premier brands in the home-cleaning and household products markets,” Sabin said. “We also intend to expand into new product categories in all areas of the home.”
“Fuller is an iconic American brand that has delivered high-quality consumer products for over 100 years,” said Matthew Ray, VPC partner and co-founder. “Our partnership with an established industry veteran such as David will prove transformative as we implement operational initiatives, introduce new products, revitalize the Fuller brands and execute on our long-term strategic plan.”
With best-in-class sourcing, investing, restructuring, and operating teams, VPC has a strong track record in investing and delivering strategic guidance, formulating value creation initiatives, and/or providing operational expertise to a broad range of recognized brands in distress, including Giordano’s, Jamba Juice and Silver Airways, formerly known as Gulfstream International Airlines.