The New York-based middle market firm Odyssey
Investments Investment Partners has acquired disposable glove maker BarrierSafe Solutions International from Linden Capital Partners and The Edgewater Funds. Terms of the deal weren’t disclosed. BarrierSafe, founded in 1999, is headquartered in Reno, Nevada.
*An earlier version of this story mis-identified Odyssey Investment Partners.
Odyssey Investment Partners, LLC announced today that it has acquired BarrierSafe Solutions International, Inc., a leading innovator and provider of disposable gloves, from Linden Capital Partners LLC and The Edgewater Funds. Financial terms of the transaction were not disclosed.
Based in Lake Forest, Illinois, BarrierSafe is a preeminent player in the $2 billion U.S. disposable protective glove segment of the personal protective equipment industry. The company designs, develops and markets a comprehensive suite of disposable gloves and other related products that serve the needs of users across a diverse range of growing, niche markets that enjoy favorable regulatory and secular tailwinds. Formed in 2004 through the merger of two industry leaders, Microflex and FoodHandler, BarrierSafe today provides in excess of six billion single-use gloves annually and commands leading market positions in its primary end markets.
Odyssey has prior experience in the personal protective equipment industry through its investment in Norcross Safety Products, a leading provider of safety products to the fire, general safety and electric utility end markets. During Odyssey’s three-year ownership period, Norcross’s management created significant value for shareholders through both organic and acquisition-related growth. Norcross was sold to Honeywell International in 2008. Robert Peterson and David Myers, Norcross’ former CEO and CFO, respectively, are co-investing with Odyssey and will join the BarrierSafe Board of Directors.
Randy Paulson, Managing Principal of Odyssey, said: “We are excited to invest again in the safety sector through BarrierSafe and to partner with the Company’s extremely talented management team. We expect to create value for our investors by capitalizing on BarrierSafe’s strong market positions and compelling growth opportunities, including acquisitions.”
The BarrierSafe management team, led by CEO Mike Mattos and CFO/COO Joe Kubicek, will continue to lead the company under Odyssey’s ownership. The management team has invested in BarrierSafe alongside Odyssey.
Mr. Mattos said: “Odyssey is an ideal partner for BarrierSafe given its success investing in and supporting similar businesses. Our new partnership will further strengthen our ability to provide the highest-quality products and services for our customers.”
Debt financing for the transaction will consist of a senior secured facility led by CIT Capital and SunTrust and mezzanine financing provided by Morgan Stanley Credit Partners.
About Odyssey Investment Partners
Odyssey Investment Partners, LLC, with offices in New York and Los Angeles, is a leading middle-market private equity firm with approximately $2 billion under management. Odyssey Investment Partners primarily makes control investments typically in established middle-market companies in a variety of industries. For further information about Odyssey Investment Partners, please visit www.odysseyinvestment.com. The firm can be reached in New York at 280 Park Avenue, New York, NY 10017 or (212) 351-7900; and in California at 21650 Oxnard Street, Woodland Hills, CA 91367 or (818) 737-1111.