Gryphon completes sale of Matrixx Initiatives to Church & Dwight Co.

The firm originally invested in Matrixx in December 2017. 

Gryphon Investors completed the sale of Matrixx Initiatives, which makes over-the-counter remedies, including the Zicam cold medicine brand. Gryphon sold the company to Church & Dwight Co. The firm originally invested in Matrixx in December 2017.

Press Release

Gryphon Investors (“Gryphon”), a San Francisco-based private equity firm, announced today that it has completed the sale of its portfolio company Matrixx Initiatives, Inc. (“Matrixx” or “the Company”) to Church & Dwight Co., Inc. (NYSE: CHD), a leading consumer packaged goods company. Gryphon originally invested in the Company in December 2017.

Matrixx, headquartered in Bridgewater, NJ, makes and markets over-the-counter remedies, including the best-selling Zicam® cold remedy brand, to shorten colds and treat nasal congestion and allergies.

Keith Stimson, Deal Partner and Head of Gryphon’s Heritage Fund, noted, “We are extremely pleased with the outcome of this transaction, our second investment in the Consumer Health space in partnership with Steve LaMonte and Dr. John Clayton.” Gryphon previously successfully exited its investment in C.B. Fleet Company, Inc. to Prestige Brands in December 2016.

Mr. LaMonte, Exclusive Executive Advisor to Gryphon and Executive Chairman of Matrixx, said, “Under Gryphon’s ownership, we have instituted numerous strategic and operational enhancements to create value. Foremost among those is the appointment of Marc Rovner as CEO. Marc has assembled a terrific management team and helped the Company accelerate its value creation initiatives, including new product innovation, growth with our retail partners, and aggressive efforts to build out e-commerce channels through investments in digital marketing and social influencer programs.”

Mr. Rovner added, “Our team has had tremendous success based on Gryphon’s investment thesis, growing Zicam’s share of the cough and cold category in a short amount of time and achieving our growth objectives on an accelerated timeline. This growth wouldn’t have been possible without the support of a sponsor like Gryphon, who brought differentiated experience and expertise in the Consumer Health sector to the Board.”

Ryan Fagan, Senior Vice President at Gryphon, added, “Matrixx is a great case study for Gryphon’s proactive sector initiative to identify and invest behind leading brands and experienced executives in Consumer Health. This category will continue to be a focus area for us in the future.”

Sawaya Partners, LLC acted as financial advisor to Gryphon, and Kirkland & Ellis LLP served as Gryphon’s legal counsel.

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About Matrixx Initiatives, Inc.
Matrixx is engaged in the development and marketing of over-the-counter health care products that utilize innovative drug delivery systems. The company manufactures and markets a full line of Zicam brand Homeopathic and Allopathic OTC products, including its clinically proven ZICAM® Cold Remedy Nasal Spray and Swab, ZICAM® Cold Remedy RAPIDMELTS®, ZICAM® Cold Remedy Medicated Fruit Drops, ZICAM® Extreme Congestion Relief, and ZICAM® Intense Sinus Relief. For more information regarding Matrixx products, please visit www.zicam.com.

About Gryphon Investors
Based in San Francisco, Gryphon Investors is a leading private equity firm focused on growing and enhancing mid-market companies in partnership with management. The firm has managed over $5 billion of equity investments and capital since 1997. Gryphon targets making equity investments of $50 million to $300 million in portfolio companies with sales ranging from approximately $100 million to $600 million. Gryphon prioritizes investment opportunities where it can form strong partnerships with owners and executives to build leading companies, utilizing Gryphon’s capital, specialized professional resources, and operational expertise. For more information, visit www.gryphoninvestors.com.