Architect Equity, a private equity firm based in El Segundo, has acquired consumer products company Faultless Brands.
Terms of the transaction were not disclosed.
Faultless sells a range of cleaning and laundry products, including Bon Ami, Niagara, Magic and Kleen King.
Based in Kansas City, Mo., the company was founded in 1887. The Architect acquisition ends more than 130 years of family ownership for the consumer goods business.
“We believe that the family did an excellent job keeping this business around and relevant for so many generations,” Architect co-founder and Managing Director Dionisio Lucchesi said in an email. “More recently the family was not involved in the day-to-day operations, and we understood they were no longer seeking to invest in the business going forward.”
Lucchesi added that he felt that his firm’s commitment to preserving and growing Faultless’ legacy was a key factor in that company’s decision to sell to Architect.
For his part, Lucchesi said Faultless’ demonstrated ability to perform through prior downturns made the business a particularly attractive acquisition target.
The storied consumer goods company will serve as a platform investment for Architect, according to Lucchesi, supporting acquisitions of similar businesses in the future.
Leadership at both Architect and Faultless referenced Faultless’ growth plans in a separate statement on the acquisition although they provided no details on direction or specific initiatives.
“We believe that Architect Equity is an excellent partner to help take our brands and business to the next level by supporting innovation and other growth initiatives across our portfolio,” Faultless Brands Chief Executive Sean Williams said in the statement.
Faultless’ new owner is a relatively new private equity firm. Founded in 2018, Architect has raised one fund to date, which it closed in August with $50 million in committed capital.
The firm focuses on lower middle-market companies undergoing some form of business transition at the company or industry level, according to Architect.
The El Segundo-based private equity company has made one other acquisition. In December 2018, it bought pest control giant Terminix International Co.’s fumigation business for an undisclosed sum.
Architect renamed the new company American Fumigation Services. Architect says it is North America’s largest fumigation business by customer volume.
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