Clayton Dubilier Rice acquiring High Ridge Brands
The High Ridge Brands personal care portfolio comprises Zest, Coast, Alberto VO5, Rave, White Rain, Salon Grafix, Thicker Fuller Hair, Zero Frizz, and LA Looks. It’s a collection that the group believes has “high consumer awareness and brand equities,” according to a press release about the acquisition.
And, the brands are well represented at mass, dollar, food, drug, and club-style retailers.
The deal values the High Ridge Brands portfolio at roughly $415m; though full terms of the transaction have not been disclosed.
High Ridge is currently owned by Brynwood Partners and is well known for picking up orphaned skin care, hair care, and body care brands in the marketplace.
“We look forward to working closely with the High Ridge leadership team as it executes its strategy to accelerate organic growth and continues to pursue accretive add-on acquisitions,” says John Compton, Clayton Dubilier Rice (CD&R) operating partner. Compton along with Vindi Banga, also an operating partner of CD&R and a previous president of foods, home, and personal care at Unilever, will join the High Ridge Brands board of directors when the deal is finalized this June.
It is, of course, a deal made in the interest of growth. And both High Ridge and CD&R have high hopes for the future of the business.
“High Ridge Brands is a well-diversified portfolio of longstanding, resilient personal care brands with strong share positions in the personal cleansing and hair care categories,” Ken Giuriceo, partner with CD&R tells the press.
Giuriceo sees the High Ridge Brands portfolio as something that can be replicated for the good of investors and the industry at large. “The business is highly scalable and will serve as a platform through which to further consolidate the highly fragmented personal care products space,” he says.
And High Ridge is hoping to benefit from the experience behind that assumption. “We are very excited about the future of High Ridge Brands and are delighted to partner with the CD&R team,” says James Daniels, CEO of High Ridge Brands. “The Firm's experience with corporate carve-outs, deep consumer products expertise and reputation for operational excellence will be invaluable as we continue to scale.”