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Centerbridge in talks to buy KIK Custom Products

Centerbridge Partners LP, a private equity firm, has entered into advanced talks to buy KIK Custom Products Inc., a maker of household cleaning and care products, for $1.6 billion including debt.

So far Centerbridge has outbid every other private equity firm in the auction for KIK. The talks are still continuing and a deal is still not a certainty with KIK’s owners, CI Capital Partners LLC, a buyout firm. CI may go decide to sell the company to another bidder or even hold on to the unit.

KIK is one of North America’s largest makers of consumer-packaged goods. The products the company makes range from shampoos, soaps and body lotions, to air fresheners, and accessories for swimming pools and spas.

CI Capital Partners bought KIK’s parent company in 2007 for $650 million.

In 2014 KIK bought consumer products business Chemtura Corp. for $300 million to expand its pool and spa unit.