Alantra advises Progressive Products, LLC on its sale to CFS Brands, LLC

Dec 2021

Sell-side advisory

Boston – Alantra, a leading global investment bank and asset management firm, is pleased to announce that it has advised Progressive Products, LLC (d/b/a WipesPlus®) on its sale to CFS Brands, LLC, a portfolio company of The Jordan Company. The transaction closed on December 31, 2021, and the transaction terms were not disclosed.

Headquartered in Rye Brook, New York, WipesPlus® is a leading provider of EPA- and FDA-compliant branded, premoistened and dry wipes and accessories used in a variety of food service, fitness, education, healthcare and janitorial/sanitorial applications. The company’s complete range of wipes and dispensers are used for all applications including cleaning, disinfecting, sanitizing, food contact and personal hygiene. WipesPlus® has established partnerships with large corporations and distribution partners across the U.S. to design and provide customized wet wipes solutions.

CFS Brands is a U.S.-based manufacturer of products for the foodservice, healthcare and janitorial markets. The company employs over 1,400 people across its headquarters, 7 manufacturing locations, and 7 distribution centres worldwide. WipesPlus® CEO, Jason Englander, and President, Mark Zeitler, plan to remain with the company after the sale, and WipesPlus will remain a standalone entity within the CFS Brands portfolio.

“The Alantra team worked diligently to convey the breadth and depth of WipesPlus’ 20-year brand history, as well as to explain our commitment to quality, innovation and customization,” said Jason Englander, CEO of Progressive Products. “We are impressed and thrilled with Alantra’s leadership of this process and are looking forward to a long and productive partnership with CFS Brands.”

“Public awareness of the importance of hygiene has been permanently heightened due to the Covid-19 pandemic,” said Paul Colone, Managing Director & Partner with Alantra. “Jason and Mark and the entire team at WipesPlus expertly navigated the changing sector dynamics to exceed the market growth in the short-term while also providing the foundation for long-term success. We offer them the biggest of congratulations on their accomplishments and for aligning with an excellent strategic partner.”

“As companies and consumers alike increase their investment and care to ensure offices, food service establishments, and venues adhere to strict sanitation standards, the North American industrial wipes market will continue to grow,’ said Jon Tetirick, Director with Alantra. “We are thrilled to have found an excellent strategic home for WipesPlus® as they embark on their next stage of growth.”

Alantra acted as sole financial advisor to Progressive Products on this transaction. The team advising Progressive Products included Mr. Colone, Mr. Tetirick, Matthew Gage (Analyst) and Alif Kanji (Analyst). Lowenstein Sandler LLP served as legal counsel to Progressive Products.