Avista Capital Partners has partnered with Dana Holdings to acquire Kramer Laboratories, a seller of over-the-counter (OTC) foot care and specialty cough products.
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 excited to welcome Kramer to our healthcare portfolio,” said David Burgstahler, President and Co-Managing Partner of Avista. “The company has a strong foundation, with well-established brands, national distribution and an experienced management team. We look forward to working with the Kramer team and leveraging Avista’s expertise in the healthcare sector to support the company’s future 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).
Robert O’Neil has been named as the new Chairman of the Board of Directors of Kramer. Mr. O’Neil is an experienced pharmaceutical and consumer healthcare executive. From 2002 to 2014 he was the Worldwide Vice President of Business Development for the Johnson & Johnson’s Consumer Group of Companies. He joined Avista as an Operating Executive in 2015. “Kramer has a long track-record of success and is one of most established brands in OTC foot-care,” said Mr. O’Neil. “We appreciate the strong heritage of the Kramer brands and the innovative self-care solutions they provide consumers. We look forward to working with the Kramer team to help the company realize its full growth potential.”
Dana Holdings, Avista’s co-investor on this transaction, 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. “We are delighted to partner with Avista Capital Partners and the entire Kramer organization,” said Joe Falsetti, Dana’s Managing Member. “We are excited about the prospects for the Kramer brands and look forward to working with Avista and the Kramer team to create long-term value.”
© 2018 Private Equity Professional | May 2, 2018
