Cornell Capital-backed Spectrum Automotive Holdings to acquire CalTex.

Cornell Capital-backed Spectrum Automotive Holdings, an agent, marketer and administrator of finance and insurance products, agreed to acquire CalTex, the largest manufacturer and provider of automotive appearance protection products in the US. Financial terms were not disclosed. "We look forward to partnering with Spectrum and working with the team at Cornell Capital to further accelerate CalTex's growth and industry leadership. This announcement is a testament to the hard work and dedication of our team over the past 35 years and I am confident that together with Spectrum we will continue to build on our long legacy of product innovation and customer satisfaction," Rande Hawkinson, CalTex President and COO.