MidOcean Partners Agrees to Sell Prestige Brands To GTCH Golder Rauner
February 12, 2004
New York, NY . February 12, 2004 - MidOcean Partners Agrees to Sell Prestige Brands To GTCR Golder Rauner.
MidOcean Partners, a New York-based private investment firm, today announced the signing of a definitive agreement pursuant to which an affiliate of GTCR Golder Rauner LLC, one of the nation’s leading private equity firms. will acquire Prestige Brands from MidOcean.
Prestige Brands is a leading consumer products company with a portfolio of well recognized and trusted brands in the household cleaning, over-the-counter drug and personal care categories whose brands include Comet, Clear Eyes, Murine, Chloraseptic and Prell. Prestige Brands is a platform company built by MidOcean and its partners, Provender, Jefferson Capital, Swander Pace and Peak Capital, beginning in 1999 with the original acquisition of Prell from Procter & Gamble.
Rick Braddock, Chairman of MidOcean and a Director of Prestige, said, “Prestige Brands was predicated on the strategy of building a portfolio of healthy brands through a series of strategic acquisitions. These brands are in millions of households throughout the country and the current portfolio is very well positioned to succeed. Thanks to the hard work and dedication of Prestige’s employees, led by Ted Host and Elise Donahue, to successfully reposition the brands in the marketplace, Prestige has been an excellent investment for our firm.” “We have greatly valued our relationship with MidOcean and the financial and strategic support they provided as we delivered on our strategy,” said Mr. Host, of Prestige. “We look forward to working with the team at GTCR and believe that we will benefit from this new partnership.”
Goldman Sachs was the sell aide M&A advisor and Hunton & Williams was the legal advisor to Prestige.
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About Prestige Brands
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has managed approximately $4.8 billion of committed capital and has targeted investments in high-quality middle market companies in the consumer and business services sectors. MidOcean Credit Partners was launched in 2009 and currently manages over $8 billion across a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts as of December 31, 2019.
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