Veteran Industry Leaders Jennifer Straumins and Shane Terry Acquire ZXP Technologies
Industry veterans Jennifer Straumins and Shane Terry acquired ZXP Technologies from Milton Street Capital. As part of the transaction, ZXP Technologies will rebrand as Consolidated Brands, focusing on delivering innovative solutions to the lubricants market.
An industry veteran investment group announced it has acquired ZXP Technologies from Milton Street Capital, a Houston-based private equity firm. ZXP Technologies’ primary manufacturing and blending facility is located in Highlands, TX. Financial terms of the transaction were not disclosed.
“We would like to thank the Milton Street Capital team for their partnership over the past eight years. Their contribution to the automation, sophistication, and improvement in the business built a solid platform to rapidly grow our business and better serve our valuable customers,” stated Jennifer Straumins, CEO of Consolidated Brands. “They have been amazing strategic and financial partners throughout and will continue to be successful in their future business endeavors,” Ms. Straumins added.
Straumins previously served as President and COO of Calumet Specialty Products Partners, including taking the company public in 2006 and growing the organization into a Fortune 500 company. Ms. Straumins and Shane Terry, President of Consolidated Brands, founded Maverick Performance Products in 2015 and rapidly grew the start-up. Maverick proudly made the Inc. 500 list as one of the fastest-growing privately held companies in the nation two years in a row. Shane Terry served as President of Maverick Performance Products and, prior to that, founded United Petroleum Company as its President, building the Quantum lubricant brand internationally.
“We are so excited about this new chapter in our business and very confident that this transaction will strengthen our customer and vendor partnerships and create new opportunities for mutual growth. Success leads to continued success,” said Mr. Terry. “We now own an oil company, run by oil people. Jennifer and I have a combined 60 years of experience in this industry. Jennifer grew up in petroleum refineries, and I started in this industry in a distributor warehouse rolling drums and filling pails by hand.” Mr. Terry concluded, “Our goal is to provide industry-leading order fulfillment, enhancing supply chain efficiencies, marketing and packaging innovations, and delivering ultimate customer satisfaction. We will leverage our experience and long-term industry relationships to deliver new ideas and solutions to the marketplace. We have a very unique opportunity.”
Ms. Straumins concluded, “The corporate rebrand to Consolidated Brands reflects not only our veteran leadership and change in culture, but also our renewed commitment to excellence, operational discipline, and—most importantly—delivering outstanding value and service to our customers. We will realize these objectives through multiple near- and long-term strategic initiatives. We have an amazing management team and loyal employees, and none of this would be possible without their support, hard work, and dedication. We will continue to be the preferred employer in our local community.”
About Consolidated Brands
Consolidated Brands, formerly ZXP Technologies, operates a state-of-the-art blending and packaging facility in Highlands, TX, just minutes from the Port of Houston and major transportation hubs. The facility spans over 400,000 square feet of warehouse space, offers more than 15 million gallons of bulk storage, and has the capacity to blend and package over 150 million gallons of finished lubricants annually. Consolidated Brands serves some of the world’s largest oil brands and retail partners, providing OEM fluids, private-label programs, and service distribution solutions globally.
About Milton Street Capital
Milton Street Capital is a Houston-based private equity firm focused on control investments in North American manufacturing, rental, distribution, and service companies. Typically, the firm targets businesses with an EBITDA range of $5 million to $20 million. Milton Street Capital seeks to create value by transforming companies into sustainably successful businesses through active engagement in strategy, human capital, and commercial and operational improvements.