Wind Point’s Waterbury Divests Assets
The private equity portfolio company Waterbury sold some of its brands to Zep Inc’s subsidiary
July 27, 2010
Wind Point Partners’ industrial products platform Waterbury Companies signed a definitive agreement to sell a number of brands and assets to Amrep Inc., for approximately $66 million in cash.
According to the purchase and sale agreement filed with the SEC, the divestiture came out of Wind Point’s fifth fund.
Zep’s subsidiary, Amrep, will buy Waterbury’s odor elimination products TimeMist and TimeWick, its drain maintenance brand Microbemax, and its hands-free products Touch Less Control from the TimeMist Fresh Thinking portfolio. Waterbury is now left with its water conservation and insect control brands in the TimeMist Fresh Thinking group and a full line of agriculture insect and odor control brands in the Country Vet division.
Wind Point bought Waterbury from UK-based private investment firms, JO Hambro Capital Management and Mezzanine Management, in early 2005. Brown Gibbons Lang & Company provided financial advice on the transaction. Terms of the deal were undisclosed.
Wind Point manages roughly $2.5 billion in committed capital. In addition to industrial businesses, it primarily invests in business services, health care and consumer products. The firm has also dipped its hands into the media and communications sector.
While it's trimming its Waterbury business, the firm has been adding to other portfolio companies. In June, its Ryt-way platform acquired the food and beverage and equipment manufacturing business of Cloud Packaging Solutions.
Wind Point Partners did not return calls seeking comment by press time.
Zep Inc’s financial advisor was BB&T Capital Markets. Its corporate legal counsel was Hunton & Williams, LLP in the transaction.
For more information on related topics, visit the following:
