BBH Capital Invests In American Spraytech

BBH Capital Partners (BBHCP) has made an investment in aerosol products maker American Spraytech. BBH’s investment was made in partnership with the company’s existing management team and founding shareholders.

American Spraytech (AST) is a formulator and contract filler of aerosol products. The company’s products include air fresheners, shampoos, hair sprays, sunblock sprays, deodorant body sprays, contact lens saline, lens & glass cleaners, and many other personal care, cosmetic and over-the-counter medical products. AST’s customers range from boutique salons and personal care brands to Fortune 500 consumer goods companies.

AST operates 5 through-the-valve (TTV) aerosol filling lines and 1 bag-on-valve (BOV) line at its 200,000 square foot campus which includes six buildings and twelve propellant tanks. The company, led by CEO Allen Lalwani, was founded in 2003 and is headquartered 45 miles west of New York City in Branchburg, New Jersey.

“The AST team is thrilled to join forces with BBH for our next phase of growth,” said Mr. Lalwani. “We could not have found a more ideal partner than the oldest and most reputed private bank in the United States. Their strategic and financial support will allow us to pursue several attractive organic and inorganic growth opportunities that will enhance our product offering and help us better serve our customers.”

“Allen and his management team are proven executives with a long track record of driving growth, and we are looking forward to our partnership with the entire AST team. We were attracted to AST due to its reputation for innovation and formulation capabilities within the outsourced aerosol manufacturing market,” said Brad Langer, a managing director of BBH and a co-manager of BBHCP. “In addition to AST’s in-house research and innovation capabilities and full suite of manufacturing solutions, we believe the company’s focus on the personal care, cosmetic and over-the-counter medical end markets is quite attractive due to the stability of these categories.”

Boston-based BBH Capital Partners (BBHCP) makes control and non-control investments of $40 million to $150 million in North American-based companies with enterprise valuations between $10 million to $500 million. Sectors of interest include healthcare, technology, media and telecommunications, and business products and services.

© 2021 Private Equity Professional | January 21, 2021

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