Victory Park Capital (VPC) announced the approval of its acquisition of the consumer business of the 106-year-old Fuller Brush Company, the originator of the door-to-door sales model and the iconic Fuller Brush Man. The U.S. Bankruptcy Court for the Southern District of New York entered an order approving the sale of Fuller Brush’s consumer assets, consumer brands and goodwill (consumer business) to a VPC affiliate. The sale is expected to close next month. In a related development, VPC named industry veteran David Sabin to be the CEO of the consumer business.
Founded in 1906, Fuller Brush is a manufacturer and distributor of products for household and commercial cleaning and personal care. It distributes a range of goods including home-care products for kitchen, laundry and bath, and also personal care products such as brushes and hair and skin products.
VPC, which has been Fuller Brush’s lender since 2010, is an asset-management firm that specializes in direct credit and control equity investing in middle market and distressed companies. VPC has a strong track record of successfully restructuring businesses and, as Fuller Brush’s lender, is deeply familiar with the company. As such, VPC is well-positioned to execute operational initiatives to restructure and reposition the consumer business for future growth as well as provide immediate working capital to meet its operational goals.
This combined with the over 40 years of industry and brand experience of David Sabin creates a strong foundation for future growth. Sabin was chairman of Salton, a housewares and appliance maker where amongst other things Sabin was instrumental in the launch and ultimate success of the popular George Foreman Grill. He also was the owner of Sabin China Company and served as president of Ingrid Plastics. Most recently, he served as president of Kids Line, a provider of infant bedding and accessories in the United States.
“In addition to the existing line of Fuller consumer products, we expect to introduce new products that will re-establish Fuller and Stanley Home Products as premier brands in the home-cleaning and household products markets,” Sabin said. “We also intend to expand into new product categories in all areas of the home.”
“Fuller is an iconic American brand that has delivered high-quality consumer products for over 100 years,” said Matthew Ray, VPC partner and co-founder. “Our partnership with an established industry veteran such as David will prove transformative as we implement operational initiatives, introduce new products, revitalize the Fuller brands and execute on our long-term strategic plan.”
Victory Park Capital provides unique solutions to small cap, middle-market and distressed companies across a wide range of industries.