Audax Private Equity has acquired Sarasota, Florida-based Wellspring Consumer Healthcare, which manages a portfolio of consumer healthcare brands that include Emetrol, Bonine, Bactine, GlaxalBase, and FDS. The seller was Sentinel Capital Partners. No financial terms were disclosed. Sawaya Segalas & Co. served as financial adviser to Wellspring with Houlihan Lokey acting as co-financial adviser.
BOSTON–(BUSINESS WIRE)–Audax Private Equity (“Audax”) announced that it has acquired WellSpring Consumer Healthcare (“WellSpring”). Headquartered in Sarasota, FL, WellSpring is a leading marketer of iconic over-the-counter and cosmetic brands in the skin care, feminine hygiene, and gastrointestinal care categories. WellSpring’s portfolio includes Bactine, Bonine, FDS, Emetrol, Micatin, Gelusil, Glaxal Base, Barriere, and K-Lyte. Audax acquired WellSpring from Sentinel Capital Partners, a private equity firm based in New York, NY, and from Ancor Capital Partners, a private equity firm based in Southlake, TX. Terms of the transaction were not disclosed.
Geoffrey S. Rehnert, Co-Chief Executive Officer, Audax Group, said, “WellSpring is a leader in the health and beauty care industry. We look forward to working with John Dowers and the WellSpring team to continue building a leading platform through organic growth and add-on acquisitions.”
John Dowers, President and CEO, WellSpring, said “The entire Consumer Healthcare team is very excited to be partnering with Audax for the next stage of our growth. Audax brings substantial expertise and resources that we anticipate will continue to accelerate our strategic acquisition strategy.”
Sawaya Segalas & Co. served as financial advisor, and Houlihan Lokey served as co-financial advisor to WellSpring. Ropes & Gray LLP served as legal counsel to Audax.
ABOUT AUDAX PRIVATE EQUITY
Since its founding in 1999, Audax Private Equity has been focused on building leading middle market companies. Audax has invested $4 billion in 107 platform and 607 add-on companies. Through its disciplined Buy & Build approach, Audax seeks to help platform companies execute add-on acquisitions that fuel revenue growth, optimize operations, and significantly increase equity value. Audax Private Equity is an integral part of Audax Group, an alternative asset management firm specializing in investments in middle market companies. With offices in Boston, New York, and San Francisco, Audax Group has $11.5 billion in assets under management across its Private Equity, Mezzanine, and Senior Debt businesses. For more information, visit the Audax Group website, www.audaxgroup.com.