Select Page

Brynwood Partners agreed to sell its portfolio company High Ridge Brands Co. to private equity firm Clayton, Dubilier & Rice for $415 million. The deal, which is the largest exit in Brynwood’s history, is expected to close in the second quarter of 2016, subject to regulatory approval. High Ridge Brands Co. was formed by Brynwood Partners VI LP 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 consumer segment. High Ridge Brands acquired the rights to Zest in the U.S., Canada and other selected territories. Since then, the company has made multiple add-on acquisitions, including the Alberto VO5 brand in the U.S. and the worldwide marketing and brand rights to the Rave brand from Unilever; the global rights to the Coast personal cleansing brand from Henkel; the White Rain brand from Sun Products; Continental Fragrances, owner of the Salon Grafix and High Beams brands, and 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 and CEO of Brynwood Partners. William Blair & Co. LLC served as Brynwood’s investment banking advisor, and Holland & Knight LLP acted as legal advisor. Debevoise & Plimpton LLP acted as legal advisor and BMO Capital Markets acted as financial advisor to Clayton, Dubilier & Rice. Clayton, Dubilier & Rice (CD&R) is a private equity firm founded in 1978 by Joe Rice, a former corporate lawyer from Sullivan & Cromwell and former investment banker; Martin Dubilier, a former McKinsey & Co. partner and experienced corporate executive; Gene Clayton, a well-known crisis manager; and Bill Welsh, a former Raytheon executive. CD&R has managed the investment of $21 billion in over 66 companies representing a broad range of industries with an aggregate transaction value of approximately $100 billion. The firm is headquartered in New York City, and has an office in London. Brynwood Partners, founded in 1984, is an operationally-focused private equity firm that makes control investments in North American-based lower middle market companies in the consumer sector. The firm currently has over $725 million of assets under management.]]>