Written on: May 17, 2016 by SprayTM
Brynwood Partners VI L.P. announced May 17 that it had signed an agreement in principle to sell High Ridge Brands Co. to funds managed by Clayton, Dubilier & Rice. The transaction, which is subject to regulatory approval and valued at $415 million, is expected to close in the second quarter of 2016. Additional terms and conditions of the transaction were not disclosed.
Headquartered in Stamford, CT, High Ridge Brands Co., was formed by Brynwood
Partners VI L.P. in December 2010 to purchase the Zest personal cleansing brand from Procter& Gamble and to serve as a platform for further acquisitions in the personal care consumersegment. High Ridge Brands acquired the rights to Zest in the U.S., Canada and other selectedterritories. Since then, the company has made five strategic add-on acquisitions acquiring:
(i) the Alberto VO5 brand in the U.S. and the worldwide marketing and brand rights to the Ravebrand from Unilever,
(ii) the global rights to the Coast personal cleansing brand from Henkel,
(iii) the White Rain brand from Sun Products,
(iv) Continental Fragrances, owner of the Salon
Grafix and High Beams brands and (
v) several smaller personal care brands from Newhall Laboratories. The company, with approximately 45 employees, outsources 100% of its manufacturing needs.
“We are delighted to announce the sale of High Ridge Brands, the largest realization in
Brynwood Partners’ 32-year history, to Clayton, Dubilier & Rice,” said Henk Hartong III,
President & CEO of Brynwood Partners. “Clayton, Dubilier & Rice is a well-respected
private investment firm with the leadership, capital and vision to take the company to the next level. Under Brynwood Partners’ guidance, High Ridge Brands’ management created a personal care platform with leading brands in the U.S. hair care and personal cleansing
segments. The High Ridge Brands platform highlights our 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.”
“We are grateful to all the loyal employees of High Ridge Brands. We look forward to
following their success under their new owner,” said Ian MacTaggart, President & COO of
Brynwood Partners. “We wish Clayton, Dubilier & Rice success with this outstanding
company.”
