Navigate this market better. Subscribe for FREE stock alerts and information.

Thursday, November 13, 2014

KIK Custom Products seeks sale for over $1.5 billion -sources, (NYSE: MS)

KIK Custom Products Inc, one of North America's largest manufacturers of household cleaning and personal care products, is exploring a sale that could value it at more than $1.5 billion including debt, people familiar with the matter said. The Concord, Ontario, company, owned by private equity firm CI Capital Partners LLC, is working with Morgan Stanley on a sale process that is expected to kick off early next year, three people said this week.KIK has annual earnings before interest, tax, depreciation and amortization of around $170 million, one of the people added.The people declined to be named because the matter is confidential. Representatives for KIK and CI Capital Partners did not respond to requests for comment. Morgan Stanley declined to comment.KIK generates more than $1.6 billion in annual sales and has more than 3,600 employees. Its network includes 16 manufacturing facilities across North America and South Africa.

Morgan Stanley is a global financial services company that, through its subsidiaries and affiliates, provides its products and services to a range of clients and customers, including corporations, governments, financial institutions and individuals. Shares of MS fell by 0.36% or $-0.13/share to $35.84. In the past year, the shares have traded as low as $28.31 and as high as $36.44. On average, 9913410 shares of MS exchange hands on a given day and today's volume is recorded at 1449504.



Source