By: Michael Lauzon
October 29, 2012
NEW YORK (Oct. 29, 1:15 p.m. ET) — The Fuller Brush Man has a new route.
Asset management firm Victory Park Capital of Chicago has bought the consumer-related assets of Fuller Brush Co. out of bankruptcy. The firm has a 106-year history of making a wide range of brushes that became an icon in the decades after the Second World War. The former owner was Buckingham Capital Partners of New York.
Fuller Brush makes most of its products in Great Bend, Kan., where its head office is located. It is well known for its range of brushes aimed at consumers.
Fuller petitioned for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code on Feb. 21.
Victory Park announced Oct. 23 that the U.S. Bankruptcy Court in New York approved the sale of Fuller’s consumer assets, consumer brands and goodwill. Victory Park expects to finalize the deal in December.
Fuller’s non-consumer related business will be sold to Innovative Livestock Services, also of Great Bend, Kan., which comprises a group of several livestock feeding yards in Kansas and Nebraska.
“Fuller applied for Chapter 11 in an attempt to eliminate less-profitable products and cut operating costs in an effort to improve profitability,” a Victory Park spokesman explained in an email correspondence.
Victory Park is not disclosing terms of the deal.
Fuller continues to operate under bankruptcy protection. It makes a wide range of consumer products for household and commercial cleaning and personal care. Its consumer products include brushes and skin-care products. It also distributes a range of consumer goods for kitchen, laundry and bath applications.
Victory Park named industry veteran David Sabin as CEO of the Fuller consumer business.