Catterton Partners, a Greenwich, Conn.-based, consumer-focused private equity firm, is selling one of its portfolio companies to the Japanese chemicals manufacturer Kuraray. The Merrillville, Indiana-based company, MonoSol, which makes water-soluble films in consumer applications such as dishwasher and laundry detergent, is being sold for an undisclosed amount.
Catterton Partners, the leading consumer-focused private equity firm, today announced that it has entered into an agreement to sell MonoSol LLC (“MonoSol”), a leading manufacturer of water-soluble films used in consumer applications, including automatic dishwasher and laundry detergent unit-dose soluble delivery systems, to Kuraray Co., Ltd (“Kuraray”). Terms of the transaction were not disclosed.
Since investing in MonoSol in 2007, Catterton Partners has worked with the MonoSol management team to develop and enhance innovative technology in water-soluble films, a development that has driven consumer adoption of unit-dose (single serve) delivery in multiple applications. Most notably, MonoSol’s environmentally sustainable MonoDose® delivery systems have been a bold innovation in the automatic dishwasher and laundry detergent markets where consumers have embraced the convenience of such brands as Cascade® ActionPacs™ and Tide® Pods™.
“Catterton has been a tremendous partner for us,” said MonoSol CEO P. Scott Bening. “In addition to providing consumer insight on our end markets, Catterton helped guide us through substantial investments in capital expansion, product innovation, and marketing activities to underpin our growth. As consumer conversion to unit-dose products continues, particularly with the detergent market’s ongoing conversion to unit dose, MonoSol is well positioned for continued growth, and we look forward to continued success with Kuraray.”
Scott Dahnke, Managing Partner at Catterton Partners, said, “We are proud of the significant growth and success we were able to achieve working with the management team at MonoSol. MonoSol’s leading technologies, strong customer relationships and track record of innovation have allowed the company to enjoy tremendous success. This transaction represents a terrific outcome for MonoSol, Kuraray and Catterton, and we are confident that MonoSol will continue to thrive under new ownership. Moreover, we continue to pursue opportunities to invest in leading companies which offer proprietary ingredients and vital technologies to the consumer industry, such as MonoSol.”
The transaction remains subject to applicable regulatory approval and satisfaction of other customary closing conditions.
Morgan Stanley & Co. LLC acted as financial advisor to MonoSol in connection with the transaction.
About MonoSol LLC Since 1953, MonoSol LLC has been a leader in specialty water-soluble polymer-based films. MonoSol offers a wide range of water-soluble delivery systems for unit-dose applications for consumer, agricultural chemicals and industrial products, release films, transfer printing, embroidery support films, water-soluble laundry bags, edible films and TerraLOC, a unique dust abatement system. MonoSol maintains a global network of dedicated partners to offer sales, service and technical support to its worldwide customer base. Certified ISO 9001:2000, MonoSol maintains the highest quality standards. Headquarters are based in Merrillville, Indiana, USA with manufacturing facilities in Portage and La Porte, Indiana, USA and Hartlebury, England. For more information, visit www.monosol.com and www.terraloc.com.
About Catterton Partners With more than $2.5 billion currently under management and a twenty-three year track record of success in building high growth companies, Catterton Partners is the leading consumer-focused private equity firm. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market consumer industry. Catterton Partners invests in all major consumer segments, including Food and Beverage, Retail and Restaurants, Consumer Products and Services, Consumer Health, and Media and Marketing Services. Catterton’s investments include: Restoration Hardware, Cheddar’s and Noodles restaurants, Frederic Fekkai, Build-A-Bear Workshop, Kettle Foods, Odwalla and P.F. Chang’s China Bistro. More information about Catterton Partners can be found at http://www.cpequity.com.