A Houston private equity firm agreed this month to take an undisclosed stake in contract lubricant blender and packager ZXP Technologies Ltd.
The company was renamed ZXP Technologies LLC, which is co-owned by Milton Street Capital LLC and members of the management team, who were the previous owners. All members of the current ZXP management team have equity shares in the new company, noted Jayna Mull, executive vice president of business development at ZXP. The parties did not disclose the monetary value of Milton Streets investment nor the sizes of stakes held by the various parties.
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ZXP management approached Milton Street Capital looking for an experienced financial partner to implement ZXPs strategic vision and aggressive growth plans, said Mull.
ZXP said operations will continue as usual, with no changes in location, management team, employees or business model as a result of the purchase.
Headquarted in Houston, ZXP Technologies Ltd provides contract packaging, blending and distribution services for premium, mineral and synthetic lubricants, fuel treatments, antifreeze, automotive care, agricultural chemical and bulk powder products. The company expanded its plant in Texas in 2011, adding 20 million to 25 million gallons of additional capacity.
ZXP is a contract blender and packager of lubricants and solvent-based liquids, powders and other chemical products in Highlands, Texas. It was formerly known as RhinoPak but changed its name in 2007 when six lubricant industry executives purchased the company. The company launched its sales and marketing subsidiary, LubeMark, in 2009.
Milton Street describes itself as investing in lower middle market industrial companies. It has one other portfolio company – Meisler Trailer Rentals.