PurposeBuilt Brands, which provides specialty cleaning and disinfecting products, withdrew its plans for an initial public offering on Friday. It originally filed in January 2021 with an estimated deal size of $200 million.
PurposeBuilt Brands offers specialty cleaning and disinfecting products from a portfolio of household cleaning brands. These commercial and specialty cleaning brands include Urnex, Five Star, Opti-Cide, Weiman, Goo Gone, and Wright's. The company sells its products through national retailers in the the home improvement, mass, hardware and grocery sectors.
The Gurnee, IL-based company was founded in 1941 and booked $265 million in sales for the 12 months ended September 30, 2020. It had planned to list on the Nasdaq under the symbol PBLT. Barclays, Morgan Stanley, Goldman Sachs, Baird, BofA Securities, Credit Suisse, and UBS Investment Bank were set to be the joint bookrunners on the deal.
