Rock Mountain, Olayan Acquire Stake in PurposeBuilt From Carlyle

A group of investors led by Rock Mountain Capital and Olayan Group have acquired a 48% stake in PurposeBuilt Brands, a provider of consumer retail and commercial cleaning products, with Carlyle Group Inc. exiting its investment.

As part of the agreement, company management and existing investor TA Associates are rolling 100% of their equity to hold a 52% ownership stake. Financial terms of the deal weren’t disclosed.

The transaction values the company at about $1.6 billion including debt, a person familiar with the agreement said, asking not to be identified because it was private. Bloomberg News first reported talks ...