Tengram Capital Partners will acquire Stamford, Connecticut-based High Ridge’s hair care and skin cleansing business. No financial terms were disclosed. The acquisition is subject to court approval in connection with High Ridge’s chapter 11 bankruptcy. Dechert served as Tengram’s legal counsel on the deal.
NEW YORK, Feb. 24, 2020 (GLOBE NEWSWIRE) — Tengram Capital Partners (“Tengram”) is pleased to announce it will acquire the hair care and skin cleansing business of High Ridge Brands Co. (“High Ridge” or the “Company”), establishing a new platform investment for Tengram in a consumer-focused hair and skin category. The acquisition is subject to bankruptcy court approval in connection with High Ridge Brands’ chapter 11 case, as well as other customary closing conditions, and is expected to close in the next 30 days.
The acquired portfolio includes iconic brands such as Zest®, Alberto VO5®, Coast®, White Rain®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix® and Thicker Fuller Hair®, among others. These assets build upon and broaden Tengram’s existing beauty and wellness portfolio. In conjunction with the acquisition, Tengram also announced today that James Daniels, High Ridge’s former President and CEO at its original formation and who oversaw the Company’s initial growth, will return in the same role upon the closing of the transaction.
Said James Daniels: “I’m thrilled to return to High Ridge and lead the Company through this new chapter in partnership with Tengram. During my previous tenure, my focus was to provide our retail partners and the consumers we serve with innovative, benefit-rich personal care products at a compelling value. My immediate priorities will be to reinvest in our team, strengthen the relationships across our supply chain, and ensure that customer service is once again priority one. I can’t wait for our brands to regain their competitive position in the marketplace, and embark, with Tengram, on identifying other growth brands to add to the platform when appropriate.”
“The acquisition of High Ridge’s haircare and skin cleansing brands concludes a competitive auction process, in which Tengram was able to utilize its long track record of success in both restructuring and growing brand value in the consumer sector to facilitate the best bid,” said William Sweedler, Co-Founder and Managing Partner at Tengram Capital Partners. “With our transaction, High Ridge Brands will have a flexible balance sheet to re-establish its market position and pursue potential growth opportunities. We plan to move quickly with Jim and his team to change the status quo, leverage the portfolio’s global recognition, and resume High Ridge’s growth.”
Added Brian Cooper, Principal at Tengram Capital Partners, “With planned organizational investments in all aspects of the business that touch our customers, Jim’s history and Tengram’s strong industry relationships, we believe we can unlock significant value as we set the Company up for long term success.”
Dechert served as Tengram’s legal counsel and Hilco Global provided valuation and strategic transition advisory services during the transaction.
About Tengram Capital Partners
Tengram Capital Partners is a private equity firm exclusively focused on investments in leading middle-market consumer companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brands. Tengram invests in both traditional “growth” and “restructuring/turnaround” situations in each of the public and private sectors. Other Tengram investments, current and past, include Centric Brands, Algenist, Lime Crime Beauty, Revive, Tommie Copper, DevaCurl, NEST Fragrances, Sequential Brands Group, and El Cap. Additional information can be found at: http://www.tengramcapital.com.
About High Ridge Brands
High Ridge Brands, headquartered in Stamford, Connecticut, is one of the largest independent branded personal care companies in the United States by unit volume with a mission to craft extraordinary experiences for savvy consumers. Today, High Ridge Brands has a portfolio of over thirteen trusted brands, serving primarily North American skin cleansing, hair care markets, including Zest®, Alberto VO5®, Coast®, White Rain®, LA Looks®, Zero Frizz®, Rave, SGX®, Salon Grafix®, and Thicker Fuller Hair®. For more information, please visit www.highridgebrands.com.