Charlesbank Capital Partners, LLC Acquires Five Consumer Products Brands From McNEIL-PPC, Inc.
BOSTON, MA--(Marketwire - October 29, 2009) - Charlesbank Capital Partners, LLC has announced
the formation of Blacksmith Brands Inc. with the acquisition of five
over-the-counter (OTC) consumer products brands from McNEIL-PPC, Inc.
The brands acquired by Blacksmith include: EFFERDENT® denture cleaner;
EFFERGRIP® denture adhesive cream; LUDEN'S® throat drops; NASALCROM®
nasal allergy relief spray; and PEDIACARE® children's cough and cold
medicine and Gentle Vapors waterless vaporizer. The top two brands in this
portfolio, EFFERDENT® and LUDEN'S®, are market leaders in niche
categories, and all five represent meaningful growth opportunities.
Blacksmith Brands intends to invest significant advertising, promotion and
sales efforts behind the brand portfolio and also expects to launch new
items under the well-known trademarks.
Blacksmith is being created in partnership with industry veteran Peter
Mann, who will serve as Chairman and CEO, and with private equity
professional Dana Schmaltz, who will serve as CFO. With more than 35 years'
experience with consumer products, Mr. Mann was most recently CEO of
Prestige Brands. He and his senior team at Blacksmith have worked together
for more than 20 years, building numerous OTC brands. Mr. Schmaltz most
recently was President of J.W. Childs Equity Partners LP.
"With Blacksmith, we have the opportunity to build on the extraordinary
consumer awareness and trust of these market-leading brands, while also
growing them through dedicated support and innovation," said Mr. Mann. "We
further believe that these five brands will be the foundation for a much
larger company that will ultimately include other significant
acquisitions."
Mr. Schmaltz added, "We are delighted to have Charlesbank as a financial
sponsor and are confident that, with their support, we can create a truly
important OTC and personal care company."
"We are thrilled to be partnering with Peter Mann, Dana Schmaltz and their
deeply experienced team," said Andrew Janower, Managing Director at
Charlesbank. "With this talented group fully dedicated to these brands, we
look forward to building the company into a scale player focused on OTC
drugs and consumer products. We see great opportunity to grow the business
organically, as well as through the acquisitions of additional heritage
brands in need of revitalization."
Sawaya Segalas & Co., LLC, a leading consumer investment banking firm,
acted as exclusive financial advisor to Blacksmith in connection with the
transaction. Debt capital for the transaction was provided by Ares Capital
Corporation, the lead arranger, along with Keybank Capital Markets and GE
Capital as co-lead arrangers.
About Charlesbank Capital Partners
Charlesbank Capital Partners, LLC is a middle-market private equity
investment firm managing more than $2 billion of capital. Charlesbank
focuses on management-led buyouts and growth capital financings, typically
investing $50 million to $100 million per transaction in companies with
enterprise values of $100 million to $750 million. The firm seeks to
partner with strong management teams to build companies with sustainable
competitive advantages and excellent prospects for growth. For more
information, visit www.charlesbank.com.
Customers, retailers or medical professionals with questions or comments
about any of these brands can continue to utilize the existing product
800-numbers listed on product packaging or can visit each brand's website
which will remain active and supported.
Contact Information: Contact:
Maura Turner
617-619-5457
Michael Fink
914-366-7346