Friday November 2nd, 2012 - 10:33AM
Victory Park Capital, an asset management firm that specializes in direct credit and control equity investing in middle market and distressed companies, today announced that the U.S. Bankruptcy Court for the Southern District of New York has granted an order approving the sale of Fuller Brush Co.’s consumer assets consumer brands and goodwill to a VPC affiliate. Along with the Consumer Business acquisition, VPC also announced the appointment of industry-veteran David Sabin as CEO of the new company.
Founded in 1906, Fuller Brush develops, produces, distributes and markets a broad line of high quality branded and private label products for personal care, and residential cleaning.
In a statement announcing the acquisition, VPC said it has a track record of successfully restructuring businesses and has been the lender to the iconic 106 year-old brand since 2010.
“Fuller is a well-established brand that has been producing high-quality consumer products for over 100 years,” said Matthew Ray, VPC Partner and Co-founder. “Our partnership with a proven industry veteran like David will be transformative as we implement operational initiatives, introduce new products, revitalize the Fuller brands and execute on our long-term strategic plan.”
The company indicated it is well positioned to execute on operational initiatives to restructure and reposition the Fuller Brush Consumer Business for future growth as well as provide immediate working capital to meet its operational goals.
“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 as well as expand into new product categories in all areas of the home,” said Sabin.
Previously, Sabin was the president of Kids Line, a provider of infant bedding and accessories in the United States. Prior to that, he was the Chairman of Salton, a housewares and appliance manufacturer. Before that, he was owner of Sabin China Company and served as president of Ingrid Plastics.