October 13, 2003 by Art Janik PrivateEquityCentral.net San Francisco-based private equity firm TSG Consumer Partners has taken on Meguiar's, a liquid car wax producer, as a portfolio company. The terms of the deal were not revealed. The investment will allow 101-year-old Meguiar's, which originally started off as a furniture polish company, to continue operating as a family-run business. "It's the number one brand of wax products in the U.S. among enthusiasts," said James O'Hara, a managing director at TSG. "For the enthusiasts, the users who take care of their cars and enjoy the process, they view Meguiar's as the leading brand." Shansby will take a significant position on the board of directors, though the family will retain control of the company, according to O'Hara. In addition to car wax, Meguiar's makes 300 different types of cleaners, polishes, conditioners and protectants for homes, cars, boats and planes for professional and consumer use. O'Hara said the company is approaching $100 million in sales for this year. Meguiar's created "Car Crazy Television," which airs weekly on the SPEED Channel national cable network, and "Crazy Car Radio," which is syndicated nationally as part of Car & Driver Radio. In June, TSG invested in Harry's Fresh Foods, a manufacturer and marketer of refrigerated foods. In April, the firm made an equity investment in enhanced water company Energy Brands to accelerate the growth of glaceau vitaminwater, the company's branded enhanced water. TSG Consumer Partners manages more than $800 million in capital. Money for Meguiar's comes from the firm's $500 million TSGIV LP fund, which it closed in September 2002. TSG focuses on branded consumer products, such as food, over-the-counter pharmaceuticals and personal care products. It usually looks to invest up to $75 million in businesses that range from $50 million to $250 million. PrivateEquityCentral.net is a division of HedgeFund.net, Inc. Copyright © 2003, HedgeFund.net, Inc. Copyright © 2008 TSG Consumer Partners. All Rights Reserved.