Secondary Buyout • Chemicals

Truelink Capital Acquires Zep

On July 1, 2025, private equity firm Truelink Capital acquired chemicals company Zep from New Mountain Capital

Acquisition Context
  • This is Truelink Capital’s 1st transaction in the Chemicals sector.
  • This is Truelink Capital’s 9th transaction in the United States.
  • This is Truelink Capital’s 2nd transaction in Georgia.

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M&A Deal Summary

Date July 1, 2025
Target Zep
Sector Chemicals
Buyer(s) Truelink Capital
Sellers(s) New Mountain Capital
Deal Type Secondary Buyout

Target Company

Zep

Atlanta, Georgia, United States
Zep's headquarters in Atlanta, Georgia.
Zep's headquarters in Atlanta, Georgia.
Zep is a manufacturer and marketer of a wide range of high-efficacy maintenance and cleaning solutions for commercial, industrial, institutional, and consumer end-markets under well-known and respected brand names. The breadth of the Zep product portfolio provides customized, superior cleaning and maintenance solutions to a broad customer base including manufacturers, food processors and preparers, restaurants, hospitals, schools, municipalities, government organizations, hotels and car washes. Zep was founded in 1937 and is based in Atlanta, Georgia.
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Buyer Overview 1

DESCRIPTION

Truelink Capital is a private equity firm focused on partnering with founders and management teams in stable US businesses. Truelink seeks companies in the tech-enabled and industrials sectors that have buy and build opportunities and growth potential. The Firm will consider a variety of investment situations including ownership transitions, growth financings, and carve-outs. Truelink Capital is based in Los Angeles, California.


Deal Context for Buyer #
Overall 10 of 11
Sector: Chemicals 1 of 1
Type: Secondary Buyout 6 of 6
State: Georgia 2 of 2
Country: United States 9 of 10
Year: 2025 3 of 4
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-04-24 Channel Factory

City of Industry, California, United States

Channel Factory provides a data-driven platform for analyzing digital video content, helping advertisers maximize the efficiency of their digital media campaigns across YouTube, Meta, other walled gardens, and CTV. Channel Factory was founded in 2010 and is based in City of Industry, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-11-24 SouthernCarlson

Omaha, Nebraska, United States

SouthernCarlson is a U.S.-based distributor of fastening, construction, industrial, and packaging supplies and tools. The Company supplies a broad portfolio of fasteners (nails, screws, anchors), hand and power tools (nail guns, compressors, staplers, etc.), building materials, packaging equipment, and related industrial supplies to contractors, manufacturers, and industrial clients. It provides services beyond supply including tool servicing and repair, inventory management, vendor-managed inventory, and logistical support tailored for construction sites and industrial customers. SouthernCarlson was established in 1947 and is headquartered in Omaha, Nebraska

Buy -

Seller Profile 1

SELLER

New Mountain Capital

New York, New York, United States

Category Private Equity Firm
Founded 1999
PE ASSETS 55.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

New Mountain Capital is a private investment firm focused on investment in public and private companies in a variety of industries. New Mountain generally invests $100 to $500 million per transaction and looks for businesses with strong market positions and high barriers to entry. New Mountain also prefers businesses that succeed in both good and bad economies. Sectors of interest include education, healthcare, business services, federal IT services, media, software, consumer products, logistics, financial services and technologies, and energy. New Mountain Capital was formed in 1999 and is based in New York, New York.


Deal Context for Seller #
Overall 51 of 53
Sector: Chemicals 4 of 4
Type: Secondary Buyout 13 of 13
State: Georgia 4 of 5
Country: United States 48 of 50
Year: 2025 3 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-19 Smarter Technologies

Dallas, Texas, United States

Smarter Technologies is an automation and insights platform for healthcare efficiency. Smarter Technologies is an AI-powered revenue management platform that combines proprietary clinical agents, human-in-the-loop AI Agents, clinical ontology, and global financial and administrative services that allowing healthcare organizations the flexibility to automate the entirety of their administrative and financial workflows to optimize operational outcomes and drive better patient experiences. Smarter Technologies is based in Dallas, Texas.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-08-01 Wipfli

Milwaukee, Wisconsin, United States

Wipfli is a provider of tax, audit, accounting and business consulting services. Wipfli was formed in 1930 and is based in Milwaukee, Wisconsin.

Buy -