Brynwood Partners has signed an agreement to sell High Ridge Brands to Clayton, Dubilier & Rice for $415 million. This sale is the largest realization in Brynwood’s 32-year history. The transaction is expected to close before the end of June.
High Ridge Brands was formed by Brynwood Partners in December 2010 to purchase the North American Zest personal cleansing brand from Procter & Gamble and to serve as a platform for further acquisitions in the personal care consumer segment. Completed add-on acquisitions include:
- The US and Puerto Rican brand and marketing rights to the Alberto VO5 brand and the worldwide marketing and brand rights to the Rave brand from Unilever (August 2011)
- Global rights to the Coast personal cleansing brand from Henkel (March 2012)
- Global rights to the White Rain brand from Sun Products (June 2012)
- Global rights to the brands of La Bella, L.A. Looks, Soft & Dri, Dep, Thicker Fuller Hair, Zero Frizz, Pure & Natural, Adorn, Mink and The Dry Look from Newhall Laboratories (May 2015)
- Continental Fragrances, the owner of the Salon Grafix hair styling brand (October 2015)
High Ridge has approximately 45 employees and outsources all of its manufacturing. The company is led by James Daniels, President and CEO, and is headquartered in Stamford, CT (www.highridgebrands.com).
“The High Ridge Brands platform highlights Brynwood’s unique capabilities in the corporate carve out sector, having built the company through a series of acquisitions from some of the leading global consumer products companies,” said Henk Hartong III, President and CEO of Brynwood Partners.
Brynwood Partners is an operationally-focused private equity firm that makes control investments in consumer focused lower middle-market companies. The firm has $725 million of capital under management. Brynwood Partners was founded in 1984 and is based in Greenwich, CT (www.brynwoodpartners.com).
CD&R invests in European and US-based businesses. Since founding in 1978, the firm has invested $21 billion in 66 companies across a range of industries with an aggregate transaction value of approximately $100 billion. CD&R is based in New York and London (www.cdr-inc.com).
William Blair & Company (www.williamblair.com) was the company’s investment banking advisor. Holland & Knight (www.hklaw.com) acted as legal advisor. Debevoise & Plimpton (www.debevoise.com) was the legal advisor to CD&R and BMO Capital Markets (www.bmo.com) was its financial advisor.
© 2016 Private Equity Professional • Private Equity’s Leading News Magazine • 5-19-16