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SEATTLE, WA – Alexander Hutton is pleased to announce the acquisition of its client Formula Corp by San Francisco Equity Partners.
Formula Corp (“Formula” or “the Company”) is a full-service developer and manufacturer of cleaning and personal care products for the industrial and private label markets. The Company has been acquired by San Francisco Equity Partners (“SFEP”), a middle market private equity firm investing in businesses across the consumer sector value chain. With the acquisition of Formula Corp, SFEP strengthens its portfolio of specialty manufacturing businesses serving the home care and personal care market.
Formula Corp, headquartered in Auburn, WA, was founded in 1983 by friends and business partners Chas Werner and Alan Gangl. The Company initially developed a strong reputation as a leading private brand formulator and manufacturer of janitorial cleaning chemicals. Later, Formula expanded into the “clean and green” market for retail cleaning and personal care products, serving major global and national brands. Today, Formula Corp employs over 60 workers at its state-of-the-art Auburn facility and remains at the cutting edge of product development and manufacturing for private brand cleaning and personal care formulations.
Formula’s owners and management team are excited to partner with SFEP to usher in the next stage of the Company’s growth. President Chas Werner commented,
“Alexander Hutton executed a competitive process, bringing multiple potential partners to the table and providing us with valuable options. Their team demonstrated deep knowledge of our company and, as former operators in the chemical and manufacturing sectors, brought valuable insight. They worked tirelessly to achieve what we believe was the best possible outcome. In the end, we found a fantastic partner in SFEP to help elevate our business to the next level.”
Regarding the transaction, Alexander Hutton Managing Director Stephen Humphreys said,
“It’s an honor to support business owners through transformative transactions, and this was no exception. Under Chas and Alan’s leadership, Formula Corp has become a premier contract manufacturer known for its innovation, sustainability, and strong customer relationships. With a legacy of success and a foundation for continued growth, we believe the partnership with SFEP will further accelerate its trajectory. Congratulations to Chas and Alan – we were honored to be part of this journey with you.”
Legal counsel for Formula Corp was Peterson Russel Kelly Livengood PLLC. SFEP was represented by Faegre Drinker Biddle & Reath LLC. Terms of the transaction were not disclosed.
More About Formula Corp
Founded in 1983 and headquartered in Auburn, WA, Formula Corp is a leading custom formulator, manufacturer and packager of private label cleaning and personal care products for the industrial and retail markets.
More About San Francisco Equity Partners
San Francisco Equity Partners is a private equity firm focused exclusively on partnering with lower middle market companies in the consumer value chain. To each of its portfolio companies, SFEP serves as an extension of the management team and provides deep consumer domain expertise, strategic and operational guidance, a broad network of relationships and a stable of industry resources.
More About Alexander Hutton
Led by a team of former business operators and executives who have built and sold companies, Alexander Hutton is a boutique, middle market M&A advisory firm that has completed 228 successful transactions. We offer a unique understanding of what it takes to run a business and an accessible team dedicated to client service. By running a high-touch, competitive transaction process for each of our clients, we are able to help them achieve their ideal outcome.