Vestar Capital Partners has closed its previously announced sale of Sun Products, a maker of laundry and household products, to Henkel Consumer Goods Inc for $3.6 billion. Morgan Stanley & Co LLC provided financial advice to Sun Products on the transaction.
NEW YORK–(BUSINESS WIRE)–Vestar Capital Partners announced today that it has completed the sale of The Sun Products Corporation to Henkel Consumer Goods Inc., a subsidiary of Henkel AG & Co. KGaA. The transaction, which was previously announced on June 24, 2016, is valued at $3.6 billion.
Sun Products, created by Vestar Capital in 2008 through the acquisition by Huish Detergents of Unilever’s North American Fabric Care Brands, makes and markets laundry and household brands, such as all, Sun, Wisk, Snuggle, and Sunlight. The company also develops and manufactures laundry and dish care brands for leading retailers in North America. In fiscal 2015, the company generated sales of approximately $1.6 billion in the U.S. and Canada.
Morgan Stanley & Co. LLC acted as financial advisor and Kirkland & Ellis LLP acted as legal advisor to Sun Products.
Other recent announcements from Vestar include the recent signing of a definitive agreement to sell Vestar V portfolio company Press Ganey Holdings (NYSE:PGND), a healthcare performance improvement company, to an affiliate of EQT Partners for $40.50 per share or approximately $2.35 billion of enterprise value. The transaction is expected to close in the fourth quarter of 2016. In addition, Vestar recently acquired Mobile Technologies Inc., a global leader in mobile device security and display technologies. Other 2016 transactions include the sale of a majority stake in The StayWell Company LLC to Healthcare Services & Solutions, LLC, a wholly owned subsidiary of Merck & Co., Inc., and the completion of the previously announced merger of Triton Container with TAL International.
About Vestar Capital Partners
Vestar Capital Partners is a leading U.S. middle-market private equity firm, specializing in management buyouts and growth capital investments. Vestar invests and collaborates with incumbent management teams and private owners to build long-term enterprise value, with a focus on Consumer, Healthcare, and Business and Financial Services. Since Vestar’s founding in 1988, Vestar funds have completed more than 75 investments in companies with a total value of more than $40 billion. For more information, please visit www.vestarcapital.com.