MidOcean Partners has acquired Water Pik, a developer and marketer of health and wellness products, from EG Capital Group and Zodiac Marine & Pool, a Carlyle Group portfolio company. Vulcan Capital co-invested alongside MidOcean Partners on this transaction.
“MidOcean has followed the success of Water Pik for a number of years, and we are very excited to be partnering with a company that is truly an innovative leader within the health and wellness categories it serves,” said Robert Sharp, Managing Director at MidOcean. “Additionally, CEO Richard Bisson and his team have an impressive record of growing the business into the market leader it is today. We look forward to working with this talented team in continuing to serve Water Pik’s loyal customers.”
Water Pik is a developer and marketer of personal health, wellness and professional dental products. Products include water flossers, replacement showerheads, and sinus washers which are sold through retailers, wholesalers, contractors, and online at the Waterpik Online Store. The company was founded in 1962 and is headquartered in Fort Collins, CO (www.waterpik.com).
Upon closing of the transaction, Richard Bisson will remain CEO of the company and a significant investor, along with the rest of the company’s senior management.
“The company is entering an exciting stage of its continued market penetration and growth story. A robust product portfolio and pipeline, an enhanced consumer and professional focused marketing strategy, increased distribution and customer service, all of which have resulted in success with our retail customers. We are excited to work with our new partners, whose strong consumer products expertise and financial resources will benefit the business going forward,” said Mr. Bisson.
MidOcean Partners is a private equity firm focused on the middle market. Industries of interest include consumer, business and media services, and industrial services. The firm has offices in New York and London (www.midoceanpartners.com).
Vulcan Capital is the investment arm of Vulcan Inc., the organization founded by Paul Allen in 1986 to manage his philanthropic and business endeavors. Vulcan Capital’s investment activities include direct investing in public and private securities as well as indirect investments in traditional and alternative asset classes. Vulcan Capital’s current portfolio spans a range of industry sectors, including media and communications, energy and natural resources, financial and information services, technology, and life sciences. The firm was founded in 2003 and is based in Seattle (www.vulcan.com).
Credit Suisse, GE Capital and Macquarie Bank arranged the financing for the transaction. Harris Williams acted as the exclusive financial advisor to Water Pik.
© 2013 PEPD • Private Equity’s Leading News Magazine • 7-9-13
