01.04.11
Brynwood Partners VI’s newly-formed portfolio company, High Ridge Brands Co., has acquired the Zest brand from The Procter & Gamble Company. Terms and conditions of the transaction were not disclosed.
High Ridge Brands purchased the rights to the Zest brand in the U.S., Canada and the Caribbean markets, according to Brynwood Partners VI.
High Ridge Brands purchased the rights to the Zest brand in the U.S., Canada and the Caribbean markets, according to Brynwood Partners VI.
"We are delighted to announce the acquisition of the Zest brand," said Dario Margve, non-executive chairman, High Ridge Brands and managing Partner, Brynwood VI. "We believe that this will be a great new platform investment for our firm and look forward to not only bringing renewed attention and energy to the great Zest brand but to also adding complementary brands to the company in the future."
Zest was launched by P&G in 1952. The brand was well-known for getting consumers "Zest-fully clean."
For the 52 weeks ended Sept. 5, 2010, Zest deodorant bar soap recorded sales of $1,151,819 in supermarkets, drugstores, and mass merchandise outlets (excluding Walmart), according to SymphonyIRI Group. In the non-deodorant sector, Zest Aqua bar soap and Zest Hydrating Effects bar soap recorded sales of $12.9 million and $5.6 million, respectively.
Brynwood Partners L.P. has a track record in the personal care space. Margve was CEO of J.B. Williams Company, Inc., a Brynwood Partners II L.P. portfolio company, from 1992 to 2002. J.B. Williams, which was known for its brands Aqua Velva, Cepacol, Brylcreem and Lectric Shave, was divested to Combe Incorporated.
"We are excited to be investing in the personal care space again as this has proven to be a very good area for our firm," said Hendrik J. Hartong III, senior managing partner, Brynwood Partners. "We are pleased to have Dario Margve overseeing this investment for Brynwood VI and have high confidence that he and the management team will put the Zest brand on a growth track again."