Pritzker Private Capital looks to sell cleaning brand Sprayway, sources say

By Abigail Summerville

Sept 10 (Reuters) - Aerosol manufacturer PLZ Corp, owned by an investment firm with ties to the Pritzker family, is selling cleaning products brand Sprayway, according to people familiar with the matter.

Pritzker Private Capital, which was spun out from a firm co-founded by Illinois Governor J.B. Pritzker and his brother Tony, has hired Goldman Sachs to sell the company, the people said, requesting anonymity because the matter is private. It is attracting interest from other companies as well as private equity firms, they added.

Sprayway, which generates around $30 million of annual earnings before interest, taxes, depreciation and amortization, could fetch a roughly $300 million valuation, the people said.

Goldman, Pritzker Private Capital and PLZ declined to comment.

Tony Pritzker, who runs the firm now, is one of 13 billionaires from the politically connected Pritzker family – the sixth-wealthiest family in the U.S. and worth well over $41 billion collectively as of last year, according to Forbes.

The family originally made its money by founding Hyatt Hotels but has become a force in Democratic politics. In addition to the Illinois governor, Tony shares a politically connected sister, former President Barack Obama's Commerce Secretary Penny Pritzker.

Downers Grove, Illinois-based PLZ Corp manufactures specialty brand and private label products, and owns some branded products like Sprayway, which sells multi-surface cleaners.

Pritzker Private Capital, which invests in middle market manufacturing and services companies, acquired PLZ from Olympus Partners in 2015. At the time, Olympus said the company was the largest producer of specialty aerosol products in North America.