Kramer Laboratories Inc, which is backed by Avista Capital Partners and Dana Holdings, has acquired Nizoral, an anti-dandruff shampoo brand. The seller was Janssen Pharmaceutica NV. No financial terms were disclosed. Ropes & Gray LLP provided legal counsel to Avista on the deal.
CORAL GABLES, Fla., June 25, 2018 /PRNewswire/ — Kramer Laboratories, Inc. (“Kramer”), a marketer of over-the-counter (OTC) foot care and specialty cough products, today announced the acquisition of Nizoral® (“Nizoral”), a leading anti-dandruff shampoo brand sold in North America and Latin America, from Janssen Pharmaceutica NV (a member of the Johnson & Johnson family of companies). Kramer is a portfolio company of Avista Capital Partners (“Avista”), a leading healthcare-focused private equity firm, and Dana Holdings, a consumer healthcare-focused private investment group.
Rick Kornhauser, Chief Executive Officer of Kramer, said, “We are delighted to add Nizoral, an iconic OTC brand, to the Kramer portfolio. With over a 25 year history, Nizoral is one of the most widely-recognized and highly-trusted brands in therapeutic hair care. This acquisition also significantly enhances our financial profile, adding meaningful scale, growth and profitability to our company. We look forward to building upon Nizoral’s strong brand heritage and continuing to grow the brand through investment and brand support.”
David Burgstahler, President and Co-Managing Partner of Avista, added, “This is a transformative acquisition for Kramer, one that not only adds an exceptional brand to the portfolio, but also establishes Kramer as a leading OTC consumer healthcare platform of scale. We are excited about Kramer’s future prospects and are committed to supporting the company’s continued development and expansion.”
Ropes & Gray LLP acted as legal counsel to Avista.
About Kramer Laboratories, Inc.
Founded in 1983, Kramer Laboratories is a well-established marketer of branded over-the-counter medicines within the foot care and cough-cold segments of the consumer healthcare market. For over 35 years, Kramer has been delivering innovative healthcare products to help consumers self-treat their everyday problems. Kramer’s flagship brand, the Original Fungi-Nail® Toe & Foot® brand, is a specialty anti-fungal product formulated with a clinically-proven ingredient that treats and stops the spread of skin fungus around nails. Additional brands in the Kramer portfolio include HC Max™, a maximum strength anti-fungal remedy, and Safetussin®, a pharmacist-developed cough relief solution for adults suffering from diabetes and/or high blood pressure. Kramer’s products are sold in over 60,000 stores nationwide, including major drug, food and mass merchandiser outlets. (www.kramerlabs.com).
About Avista Capital Partners
Founded in 2005, Avista is a leading New York-based private equity firm with over $6 billion invested in more than 30 growth-oriented healthcare businesses. Avista targets businesses with strong management teams, stable cash flows and robust growth prospects and utilizes a proactive, hands-on approach to create value in our portfolio companies. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, that help drive growth and performance to create long-term value and sustainable businesses. (www.avistacap.com).
About Dana Holdings
Founded in 2004, Dana Holdings is a private investment group focused on acquiring and growing consumer healthcare and personal care brands. Dana’s principals have extensive operating knowledge of branded personal care and OTC products as former owner-operators. Dana has invested or advised in over $1 billion in buyout acquisitions, growth equity investments and mezzanine financing.