Clayton, Dubilier & Rice agreed to buy personal care company High Ridge Brands Co. from Brynwood Partners for $415 million.
The Stamford, Connecticut-based target owns the Zest, Alberto VO5, White Rain, Coast and Rave personal and hair care brands. Brynwood formed High Ridge in December 2010 when it purchased Zest from Procter & Gamble Co. (NYSE: PG).
Under Brynwood’s ownership, High Ridge has made a number of add-on deals. The company purchased Coast and White Rain both in 2012. In 2015, High Ridge bought the Thicker Fuller, Zero Frizz, Salon Grafix and High Beam brands. Brynwood took on tactical planning to revive Zest.
“The business is highly scalable and will serve as a platform through which to further consolidate the highly fragmented personal care products space,” says CD&R partner Ken Giuriceo. The PE firm recently announced plans to invest in sausage casings maker Kalle GmbH.
William Blair & Co. and Holland & Knight LLP are advising the sellers. BMO Capital Markets and Debevoise & Plimpton LLP are advising CD&R. BMO Harris Bank, HSBC Bank USA, ING Capital, Natixis, Bank of Ireland and Jefferies Finance LLC have committed financing.