Greenwich, Conn.-based private equity firm Brynwood Partners has said that its newly formed portfolio company High Ridge Brands has bought the Zest brand from Procter & Gamble. Financial terms of the deal were not released. The new company will be based in Stamford, Conn. Brynwood Partners has more than $500 million under management.
Brynwood Partners VI L.P. announced today that its newly-formed portfolio company, High Ridge Brands Co., has acquired the Zest brand from The Procter & Gamble Company. High Ridge Brands purchased the rights to the Zest brand in the United States, Canada and the Caribbean markets. The company will be based in Stamford, CT and Brynwood VI has majority ownership of the company. The transaction closed today and the terms and conditions of the transaction were not disclosed.
Zest is an iconic brand that was launched in 1952 by Procter & Gamble and is well known for its bar soap and body wash products. The Zest brand is a household name and is recognized for its unique fragrances, great lather and its famous “Zestfully Clean” advertising campaign. Zest’s products are widely distributed in the acquired markets and remain very popular among consumers.
“We are delighted to announce the acquisition of the Zest brand,” said Dario Margve, non-executive Chairman, High Ridge Brands and Managing Partner, Brynwood VI. “We believe that this will be a great new platform investment for our firm and look forward to not only bringing renewed attention and energy to the great Zest brand but to also adding complementary brands to the company in the future.”
Brynwood Partners L.P. has a strong track record in the personal care space. Margve was CEO of J.B. Williams Company, Inc., a Brynwood Partners II L.P. portfolio company, from 1992 to 2002. J.B. Williams was known for its brands Aqua Velva, Cepacol, Brylcreem and Lectric Shave. J.B. Williams was divested to Combe Incorporated generating a significant return on invested capital for Brynwood II.
“We are excited to be investing in the personal care space again as this has proven to be a very good area for our firm,” said Hendrik J. Hartong III, Senior Managing Partner, Brynwood Partners. “We are pleased to have Dario Margve overseeing this investment for Brynwood VI and have high confidence that he and the management team will put the Zest brand on a growth track again.”
About Brynwood Partners L.P.:
Founded in 1984, Brynwood Partners is an operationally-focused private equity fund that makes control investments in lower middle market companies. Brynwood Partners targets companies operating in the following sectors: (a) consumer products, (b) light manufacturing with low capital intensity, (c) service businesses, and (d) specialty retailing.
Brynwood Partners is currently managing over $500 million of private equity capital for its limited partners who include U.S. and international pension funds, fund-of-funds, endowments, high net worth family investment offices and financial institutions. For more information on Brynwood Partners please visit www.BrynwoodPartners.com.