Earthlite, a portfolio company of Branford Castle Partners, has acquired Tara Spa Therapy from Tara Grodjesk.
Tara Spa Therapy is a provider of lotions and creams used in the spa industry including at many luxury hotel chains and high-end day spas. The company’s products are used for aroma, skin, bath and sun therapy and include essential oils, soaks and scrubs, and pillows. Tara Spa Therapy is headquartered in Carmel, CA (www.taralivingwellness.com).
Ms. Grodjesk founded Tara Spa Therapy and she will now serve as Vice President of the Consumables Division and Chief Wellness Officer of Earthlite and will be an Earthlite shareholder as well.
Earthlite, a portfolio company of Branford Castle since July 2016, is a manufacturer of over 300 SKUs of massage tables, alternative beauty and wellness equipment, supplies and accessories, oils and creams, manicure and pedicure equipment, and medical exam equipment. The company’s most prominent products are its massage tables, which have an estimated 20% global market share and are sold under the Living Earth Crafts, Stronglite, Earthlite and Inner Strength brands. Earthlite serves a customer base of more than 3,700 customers in over 120 countries. The company, led by CEO Jim Chenevey, is headquartered north of San Diego in Vista, CA (www.earthlite.com).
“We have known and admired Tara Grodjesk and her company for many years, and we are delighted to welcome her as Earthlite’s first female corporate officer,” said Mr. Chenevey. “We believe that Tara will make great contributions to Earthlite’s future direction, and her line of innovative spa products should absolutely thrive under the Earthlite umbrella.”
Branford Castle invests in companies that have enterprise values of up to $100 million and have from $1.5 million to $15 million of EBITDA. Sectors of interest include industrials, consumer goods & services and transportation & logistics industries. Between its founding in 1986 to 2016, Branford Castle operated as a family office. In October 2016 the firm held a final close of its first fund that was open to outside investors. The buy of Tara Spa Therapy is the ninth transaction for Branford’s first fund.
“Branford’s rapid acquisition pace continues, focused on acquiring leading businesses. The acquisition of Tara Spa strengthens Earthlite’s position as a global leader in health and wellness and will allow us to significantly ramp up our growth in the consumables segment of the spa products market,” said Laurence Lederer, managing director at Branford Castle. “We look forward to continuing to support Earthlite’s management team as they carry on their impressive growth trajectory.”
Branford Castle is headquartered in New York (www.branfordcastle.com).
© 2019 Private Equity Professional | April 5, 2019