|
 Lubricating Specialties Company (LSC) announced today that Sydney Thwaites, the current Chief Operating Officer, along with Vintage Capital Partners II, L.P. has acquired full ownership of Lubricating Specialties Company (LSC).
According to Steve Milam, retiring CEO of LSC, Thwaites' leadership has been a long time in the making, and Vintage Capital Partners has enjoyed a long tenured investment relationship with LSC dating back for over a decade. For these reasons, Milam, says, "I see continuing progress and success for LSC both in the US and abroad."
Sydney Thwaites was named President and CEO of LSC and the rest of the Senior Management Team will remain in place. Milam will take on an advisory role for a period of time as the management team transitions. Thwaites commented, "LSC is pleased to continue to move forward with Vintage Capital while maintaining the continuity and consistency our management team has had with our customers and suppliers for decades. Further, Thwaites adds, "Vintage Capital has played a key role in our growth over the past decade, and this transaction ensures a seamless transition and base for our future growth."
Mark Sampson, Managing Director of Vintage Capital, says, "This transaction and management transition is an excellent example of what successful succession planning is all about." In short, he says, "it's about changes that move a company forward and upward while maintaining superior product quality, service, support and continuity." And according to Sampson, "A key part of making that happen is about relationships." Adding to this, Sampson says, "We have enjoyed a relationship with the entire LSC management team for years and appreciate, and value the relationships LSC enjoys with its customers and suppliers. For these reasons, and others, we very much look forward to moving forward with Sydney and the entire LSC Management Team."
About LSC
Lubricating Specialties Company, founded in 1928 and headquartered in Pico Rivera, California, is the leading contract customer blender and packager of lubricants and greases in the Western United States. In addition to its blending and packaging operations, LSC provides a broad range of liquid storage, transloading, warehousing, distribution and export services, to the lubricant and chemical industries. LSC operates four facilities in Southern California, all ideally located near the ports of Los Angeles and Long Beach to best serve its diverse customer base throughout the United States, Asia and the west coast of South America.
LSC has a long-standing reputation within the lubricant industry as a producer of a broad array of high quality lubricants providing exceptional service in support of its customer, both major oil and independent brands. The Company provides one of the broadest product offerings and services in the industry covering a diverse customer base and a wide variety of industries. LSC is considered the premier independent lube manufacturer in the Western United States and Pacific Rim.
About Vintage Capital
Vintage Fund Management, LLC (VFM) is a private investment fund headquartered in Los Angeles, California providing structured growth capital in partnership with established lower middle market businesses owned and operated by experienced entrepreneurs. Vintage prefers to invest with experienced lower middle market business owners that seek capital solutions and a partnership that allow for the retention of a meaningful equity stake in their business. For more information about Vintage, please contact Mark Sampson, Managing Partner, at (310) 979-9090 ext. 108 or email at msampson@vintage-vfm.com.
Lubricating Specialties Company Contact information:
Sydney Thwaites
President and Chief Executive Officer
(562) 776-4010
|
