CR Brands, a manufacturer and marketer of branded and private label household cleaning and laundry products, announced today that its equity partner, Juggernaut Capital Partners, has agreed to sell the company to Resilience Capital Partners. The company’s senior leadership team will continue to manage the company’s day-to-day operations.
“I am very excited to partner with Resilience Capital Partners in driving the next phase of growth for CR Brands. Resilience is an ideal partner for our company given its deep operating expertise and network of industry relationships,” said President and Chief Executive Officer Rich Owen.
CR Brands manufactures and markets both branded and private label household cleaning and laundry products. The company’s branded products are marketed under the well-known brands Mean Green, Biz, Oxydol, Pine Power and Magnum Power. CR Brands has national distribution with leading retailers such as Dollar General, Family Dollar, Walmart, Target and Kroger. The company has also partnered with certain customers (e.g. Kroger, Publix) to manufacture proprietary store brand household cleaning products. The company is based in West Chester, OH (www.crbrandsinc.com).
Michael Merriman, an Operating Executive of Resilience, has been appointed Chairman of the Board of CR Brands. Prior to joining Resilience in 2008, Mr. Merriman served as CEO of Lamson and Sessions Corporation (2006-2007), as CFO of American Greetings Corporation (2005-2006) and as CEO of Royal Appliance Mfg. Co., the manufacturer of Dirt Devil vacuum cleaners (1995-2004).
“The acquisition of CR Brands is a unique opportunity to acquire a leading household products platform with multiple growth opportunities. We look forward to working with CR Brands and its strong management team to drive growth in its well established portfolio,” said Mr. Merriman.
Resilience Capital Partners specializes in investing in lower middle market companies within a range of industries. Resilience’s value oriented investment strategy is to acquire companies in a variety of special situations including underperformers, corporate divestitures, turnarounds, and orphan public companies. Since its inception in 2001, Resilience has acquired 26 companies under 18 platforms with over $2 billion in revenue. The firm is based in Cleveland, OH (www.resiliencecapital.com).
“CR Brands has a strong track record of offering brands that deliver strong performance and exceptional value to its customers and consumers. We look forward to working with the company’s management team to continue to develop a leading household products platform,” said Bassem Mansour, Co-CEO of Resilience Capital Partners.
Juggernaut Capital Partners is makes investments in middle market companies primarily in the consumer products and business services industries where the principals have knowledge and experience. The firm is based in Washington, DC (www.juggernautcap.com).
Financing for the transaction was provided by PNC Business Credit and Steel City Capital Funding, a division of PNC Bank.
Sawaya Segalas & Co., a consumer-focused investment banking firm, acted as exclusive financial advisor to CR Brands in connection with the transaction.
© 2012 PEPD • Private Equity’s Leading News Magazine • 10-1-12