North Castle Partners has completed the sale of Caleel + Hayden Holdings (dba gloProfessional), a cosmetics products company, to Swander Pace Capital. Mark Hayden, founder and CEO and Sean Butler, President, will continue to lead gloProfessional and remain significant minority shareholders.
gloProfessional is a developer and marketer of mineral-based cosmetics and other skin care products. Brand names include “glominerals” and “glotherapeutics”. The company serves over 5,000 dermatologists, cosmetic surgeons, aestheticians, spas, salons, and specialty retailers. gloProfessional is based in Denver (www.gloprofessional.com).
North Castle first invested in gloProfessional in 2006. “Our investment in glo was a successful exit for North Castle and represents another strong partnership within the personal care sector,” said North Castle Managing Director Jon Canarick. “During North Castle’s ownership, glo has been transformed from a distributor with only half of its sales being generated from proprietary brands to a company that realizes virtually all revenue from its suite of glo brands. We believe the company is well positioned for further growth.”
North Castle makes control investments in consumer-driven product and service companies located in North America with enterprise values ranging from $50 million to $500 million. Sectors of interest include: beauty & personal care; consumer health; fitness, recreation & sports; home & leisure; and nutrition. North Castle is headquartered in Greenwich, CT (www.northcastlepartners.com).
“We believe the way glo grew coming out of the recession illustrates the benefits our focused approach to partnering with management teams to build great companies. As the professional channel continues to pick up momentum, glo is well positioned to capitalize on that growth and achieve continued success,” said North Castle’s Managing Partner Chip Baird. “We continue to look for opportunities across the Healthy, Active and Sustainable Living markets to leverage our knowledge, network and experience in building market leaders like gloProfessional.”
Wells Fargo Securities served as exclusive financial advisor to gloProfessional in connection with the transaction. Morrison Cohen served as legal counsel to gloProfessional and Kirkland & Ellis served as legal counsel to Swander Pace Capital.
© 2013 PEPD • Private Equity’s Leading News Magazine • 4-2-13
