10.24.03
Five months after putting itself up for sale, Burt's Bees was sold to investment firm AEA Investors for more than $175 million. Owner and chief executive office Roxanne Quimby put Burt's Bees on the selling block to give the money from the sale towards establishing a national park in Maine's North Woods.
The auction, which was handled by Elixir Advisors, was geared mainly toward buyout firms. Other bidders besides AEA included buyout firms Apax Partners and Charterhouse.
Ms. Quimby will stay on as CEO and will stay involved in company management and brand positioning. As part of the deal, Quimby will also retain a minority stake.
Burt's Bees produces more than 150 personal-care products from natural ingredients. The company, which sells its products mostly in natural food outlets and specialty stores, generates more than $50 million in annual sales. The brand drew interest from buyout firms because it is viewed as one that can transcend the natural-products sector to reach a wider market.
The auction, which was handled by Elixir Advisors, was geared mainly toward buyout firms. Other bidders besides AEA included buyout firms Apax Partners and Charterhouse.
Ms. Quimby will stay on as CEO and will stay involved in company management and brand positioning. As part of the deal, Quimby will also retain a minority stake.
Burt's Bees produces more than 150 personal-care products from natural ingredients. The company, which sells its products mostly in natural food outlets and specialty stores, generates more than $50 million in annual sales. The brand drew interest from buyout firms because it is viewed as one that can transcend the natural-products sector to reach a wider market.