When PLZ Corp., a company backed by Pritzker Private Capital, needed an injection of new money, it found a willing buyer for its automotive glass cleaner Sprayway: another company owned by the investment fund for the billionaire Pritzker family and others.
Highline Aftermarket Acquisition’s purchase provided a much-needed lifeline for the cleaning-products maker, which is staring down more than $1 billion of debt that comes due in less than a year. Moody’s Ratings cut PLZ to Caa1 from B3 in October, citing the refinancing risk tied to a number of 2026 maturities.
The intra-portfolio maneuver, the result ...
