Archives for June 27, 2018

Snow Phipps Adds Two to Ideal-Tridon

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Ideal-Tridon, a portfolio company of Snow Phipps, has acquired Clamp SRL and Campbell Fittings. Snow Phipps acquired Ideal-Tridon from Industrial Growth Partners in July 2017.

Clamp SRL is a manufacturer and distributor of clamps for the industrial aftermarket in Europe. The company is headquartered in Milan, Italy (www.clamp.it/en). The prior majority owner and leader of Clamp, Matteo Giuffrida, will continue to lead the sales efforts of the business under Ideal-Tridon ownership.

Campbell Fittings manufactures fittings and couplings that are used in the industrial hose and water well industries.  The company has five warehouses in California, Texas, Illinois, Georgia and Pennsylvania and is headquartered in Boyertown, PA (www.campbellfittings.com).

Campbell Fittings was founded by Louis Campbell in the early 1900’s and was sold to Frederick Paff after World War II. Campbell Fittings’ prior owners and existing management team, President Tom Paff and Chief Financial Officer Joe McGlynn, will continue to lead the business under Ideal-Tridon ownership.

“The Clamp and Campbell Fittings transactions demonstrate Ideal-Tridon’s ability and willingness to acquire high-quality businesses that operate in complementary geographies or product segments,” said John Pless, Partner at Snow Phipps.

Ideal-Tridon is a designer and manufacturer of stainless steel and specialty clamps that are used in a range of fastening and sealing applications across many end markets. The company’s products include stainless steel clamps, worm drive hose clamps, high-torque clamps, constant tension clamps, T-Bolts, V-Inserts, no-hub couplings and a host of specialty and custom clamping products. Ideal-Tridon sells its products to original equipment manufacturers and to distributors and retail businesses in the replacement market. The company is headquartered in Smyrna, TN with additional US facilities in Brownsville, TX and Fullerton, CA; and international facilities in Mexico, China, Japan, Poland, and India (www.idealtridon.com).

“We are extremely excited to partner with two outstanding management teams to expand the Ideal-Tridon platform and continue our growth trajectory,” said Michael Reese, CEO of Ideal-Tridon.  “Both Clamp and Campbell Fittings have long track records of providing highly engineered products to their customers, and we look forward to leveraging our existing capabilities and product offerings to support their continued success in the marketplace.”

Snow Phipps makes control investments in companies primarily located in North America with enterprise values ranging from $100 million to $500 million that require equity investments ranging from $50 million to $150 million. Sectors of interest include industrials, services, and consumer. The firm was co-founded by Ian Snow and Ogden Phipps in April 2005. Snow Phipps is headquartered in New York (www.snowphipps.com).

© 2018 Private Equity Professional | June 27, 2018

Webster Forms ShelterLogic Group

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Webster Capital has formed ShelterLogic Group to act as a holding company for three investments (one existing and two new) that the firm has made in the outdoor products market.

Rio Brands, acquired by Webster Capital in April 2015 from Guardian Capital Partners, is a designer and manufacturer of beach chairs, umbrellas, cooler bags, beach tables, cots, stadium seats, and patio furniture sold under company-owned brands Rio Beach, Rio Creations and Rio Gear. The company also manufactures and distributes outdoor furniture for the Tommy Bahama and Jimmy Buffet’s Margaritaville brands. The company is headquartered in West Conshohocken, PA (www.riobrands.com).

“After an extensive search, we identified two terrific companies in ShelterLogic and Sojag to combine with our original investment in RIO Brands,” said Don Steiner, Webster Co-Managing Partner.

ShelterLogic is a manufacturer and marketer of fabric-covered, steel frame shelters and canopies that are used in a range of consumer and commercial applications, including as sheds, garages, greenhouses and pop-up canopies. The company is headquartered in Watertown, CT and is led by CEO Jim Raymond and President Robert Silinski (www.shelterlogic.com). ShelterLogic was acquired from RFE Investments and Charter Oak Equity.

Sojag is a designer and marketer of gazebos, sun shelters, solariums and patio furniture. The company is headquartered in Brossard, Quebec and is led by CEO Yves Gagné (www.sojag.com/en).

All three companies – Rio Brands, ShelterLogic, and Sojag – sell their products through a variety of retailers including major home centers, mass merchants, specialty, farm and agriculture stores, warehouse clubs and online retailers.

Webster Capital invests in branded consumer, business-to-business, and healthcare services companies with EBITDAs from $3 million to $15 million and transaction values from $20 million to $100 million. Webster is currently investing its third fund which closed in 2014 with $400 million in capital commitments.  The firm was founded in 2003 and is based in the Boston suburb of Waltham (www.webstercapital.com).

© 2018 Private Equity Professional | June 27, 2018

Caruth Acquires Jersey Premier Outdoor

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Caruth Capital Partners has acquired Jersey Premier Outdoor Media and has renamed the company Premier Outdoor Media.

Premier Outdoor Media is an outdoor advertising company with over 200 billboards and digital faces in New Jersey, Delaware, Maryland and Pennsylvania. The company was founded by Chet Atkins in 1998 and is headquartered in Moorestown, NJ (www.jpom.net).

CCP partnered with two industry executives, Dominick Vastino and Sean Corbett, on this transaction. Mr. Vastino is now the CEO of Premier Outdoor and most recently he was the co-founder of Alliance Outdoor, an outdoor advertising company headquartered in Hoboken, NJ. Mr. Corbett is now the President and Head of Sales for Premier Outdoor. He spent nearly 20 years at Clear Channel Outdoor where he built a book of business in excess of $40 million annually.

“Premier Outdoor Media’s portfolio gives us a great starting point as we execute on our growth strategy,” said Mr. Vastino. “I am looking forward to working with our team to continue to expand the company’s footprint in the Mid-Atlantic.”

“We are thrilled to be partnering with Dominick and Sean and the team at Premier Outdoor Media.  With Dominick’s experience in building value through a disciplined approach and Sean’s passion to build a world-class sales effort, we know that Premier will be a force to be reckoned with in the coming years,” said Tim Wegener, Caruth Co-Founder and Partner.

Caruth Capital Partners invests in lower-middle market businesses and was co-founded by Tim Wegener and Ben deTar Wilhite. The firm is based in Dallas.

© 2018 Private Equity Professional | June 27, 2018

Avista and Dana Build Kramer Labs

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Kramer Laboratories has acquired Nizoral, an anti-dandruff shampoo brand sold in North America and Latin America, from Janssen Pharmaceutica, a unit of Johnson & Johnson.

Avista Capital Partners partnered with Dana Holdings to acquire Kramer Laboratories, a seller of over-the-counter (OTC) foot care and specialty cough products, in May 2018.

Kramer’s product portfolio includes foot care brands such as The Original Fungi-Nail Toe & Foot, used to treat toe and foot fungus; HC Max, used to treat Athlete’s Foot; and Safetussin, used to relieve coughs caused by the common cold. The company’s products are sold in over 60,000 stores nationwide, including major drug, food and mass merchandiser outlets. Kramer Laboratories, led by CEO Rick Kornhauser, was founded in 1983 and is headquartered in Coral Gables, FL (www.kramerlabs.com).

“We are delighted to add Nizoral, an iconic OTC brand, to the Kramer portfolio,” said Mr. Kornhauser. “With over a 25-year history, Nizoral is one of the most widely-recognized and highly-trusted brands in therapeutic hair care. This acquisition also significantly enhances our financial profile, adding meaningful scale, growth and profitability to our company. We look forward to building upon Nizoral’s strong brand heritage and continuing to grow the brand through investment and brand support.”

“This is a transformative acquisition for Kramer, one that not only adds an exceptional brand to the portfolio, but also establishes Kramer as a leading OTC consumer healthcare platform of scale,” said David Burgstahler, President and Co-Managing Partner of Avista. “We are excited about Kramer’s future prospects and are committed to supporting the company’s continued development and expansion.”

Avista, with over $6 billion of capital under management, makes control or influential minority investments in growth-oriented healthcare businesses with a specific interest in pharmaceuticals, medical devices, outsourced pharmaceutical services, distribution, and consumer-driven healthcare. The firm was founded in 2005 and is based in New York (www.avistacap.com).

Dana Holdings, Avista’s co-investor in Kramer, is an independent sponsor that makes minority and control investments in companies active in the consumer healthcare sector. The firm was founded in 2004 and is based in Princeton, NJ.

© 2018 Private Equity Professional | June 27, 2018