OOPS! Paint Remover Owner Weighs Sale of the Company

(Bloomberg) -- Weiman Products, the maker of Goo Gone cleaning products and OOPS! paint remover, is for sale, according to people with knowledge of the matter.

The company’s owner, Cortec Group, is working with investment bank Robert W Baird & Co. on an auction process, said the people, who asked not to be identified because the talks are private. Weiman generates about $50 million in annual earnings before interest, taxes, depreciation and amortization, the people said. No final decision has been made and Cortec could keep the business, the people said.

A representative for Cortec declined to comment, while representatives for Weiman and Baird didn’t respond to requests for comment.

Based in Gurnee, Illinois, Weiman’s specialty cleaning products for consumers include Stone Care International, Wright’s and Gonzo Natural Magic, according to its website.

The company also has a health care division that develops and manufactures detergents, instrument care products and disinfectants.

Cortec acquired the company in 2014 from the Homax Group Inc., according to a statement at the time.

New York-based Cortec raised $1.1 billion for its sixth buyout fund in 2015, according to data compiled by Bloomberg. The firm also owns stakes in surgical products maker CHS and EVP Eyecare, an operator of ophthalmology clinics, according to its website.

To contact the reporter on this story: Kiel Porter in New York at kporter17@bloomberg.net

To contact the editors responsible for this story: Elizabeth Fournier at efournier5@bloomberg.net, Matthew Monks, Michael Hytha

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