In 1913, Peter Vosbikian Sr. stowed away on a cargo ship bound for America to escape the unrest plaguing his homeland of Armenia. In 1916, he was joined in Philadelphia by his wife-to-be, Rose, and brother, Thomas, and together the Vosbikian family set out on a journey that would ultimately result in the innovative and market-leading Quickie Manufacturing Corporation of today.
“I have known Fuad and the team at Sawaya Partners for many years. Their patient counsel over this period and their creativity in designing a process that met our family’s needs were critical to the overall success of the transaction. The outcome exceeded my expectations and has created a clear path for Quickie’s continuing evolution.”
PETER VOSBIKIAN JR. CHAIRMAN & CEO, QUICKIE MANUFACTURING CORP.
Today, Quickie Manufacturing Corporation, headquartered in New Jersey, is the largest North American provider of retail household cleaning tools and related products, Quickie manufactures and markets a comprehensive line of mops, brooms, brushes, dusting tools and related accessories. The Company is the market share leader across all North American retail channels with particular strength in both of the national home center chains, as well as supermarkets and hardware stores.
With over 30 years of strong and consistent growth and financial performance, and guided by a proven management team, Quickie represented a superb acquisition platform for brands in related categories. At the time Sawaya Partners was engaged, the Vosbikian family sought to recapitalize Quickie with an investment from a growth-oriented private equity firm, positioning the company for profitable growth and acquisition opportunities in a consolidating sector.
Sawaya Partners conducted a comprehensive review of Quickie’s strategic options and tailored a process that positioned the family to achieve its liquidity objectives while at the same time positioned the Company to identify a partner for strategic investment in an established businessfranchise with powerful growth potential alongside an experienced, cohesive management team.
On the basis of its deep relationships in the financial sponsor community, Sawaya Partners identified and approached a handful of private equity firms well-matched to these criteria. After qualifying discussions with several parties, Centre Partners emerged as the best suited to the investment and the business. In relatively short order, Sawaya Partners initiated discussions with the family, conducted management meetings, assisted in the due diligence process and negotiated the purchase agreement. The transaction closed 75 days after the first meeting with Centre.
Centre Partners’ investment established a partnership between Centre Partners and Quickie’s executive owners, including Chairman Peter Vosbikian Jr., as well as his two sons, Paul and David. Centre has supported the Company with capital and management expertise: Michael Magerman, a Centre Partners Operating Partner, joined the team as CEO.
Together, this group has accelerated Quickie’s expansion strategy into new channels of distribution, an ambitious international growth strategy and a new global licensing agreement with one of the premier brands in the cleaning category. While terms of the transaction were not disclosed, the agreement resulted in a successful monetization event for the Vosbikian family, a carefully orchestrated transition to the next generation of management, and an attractive growth platform in the household cleaning tools sector for Centre Partners.