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Fort Wayne company buys Dryel brand

(Photo Supplied/Scott's Liquid Gold-Inc.)

FORT WAYNE, Ind. (Inside Indiana Business): Fort Wayne-based Summit Brands has acquired the Dryel brand from Colorado-based Scott’s Liquid Gold-Inc. Financial terms of the deal were not disclosed.

Summit Brands markets and distributes household cleaning products.

“The completion of this transaction is a key step in our journey to reshape and streamline our portfolio of brands,” said Tisha Pedrazzini, president of Scott’s. “It meaningfully strengthens our balance sheet and positions us to focus on growth and cash generation as we enter 2022.”

Scott’s says it intends to use the proceeds of the sale to reduce debt.

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