MidOcean Partners Announces Acquisition of Water Pik
July 9, 2013
NEW YORK, July 9, 2013 ”MidOcean Partners (“MidOcean”), a leading private equity firm, announced today that it has acquired, along with Vulcan Capital (“Vulcan”) and other investors, Water Pik, Inc., a leading innovator, marketer and supplier of branded health and wellness products with a proven track record of innovation.
Water Pik has become the market leader in both its oral health and replacement showerhead business segments. Water Pik's oral health business offers a complete line of products, including its market leading line of water flossers, a clinically proven sonic toothbrush and a full line of professional dental products. Water Pik's replacement showerhead business is an innovative market leader that leverages its technology across a broad array of platforms, including EcoFlow (water conservation) and EasySelect (adjustable in-handle water pressure and spray selection). Driven by its strong R&D capabilities, broad product offering and exceptional brand awareness, Water Pik has established a diverse customer base that provides over 50,000 distribution points.
“MidOcean has followed the success of Water Pik for a number of years, and we are very excited to be partnering with a company that is truly an innovative leader within the health and wellness categories it serves,” said Robert Sharp, Managing Director at MidOcean. “Additionally, CEO Richard Bisson and his team have an impressive record of growing the business into the market leader it is today. We look forward to working with this talented team in continuing to serve Water Pik's loyal customers.”
Concurrent with the investment by MidOcean and its investor group, Richard Bisson will remain CEO of the Company and a significant investor, along with the rest of the Company's senior management. Mr. Bisson commented, “The Company is entering an exciting stage of its continued market penetration and growth story. A robust product portfolio and pipeline, an enhanced consumer and professional focused marketing strategy, increased distribution and customer service, all of which have resulted in success with our retail customers. We are excited to work with our new partners, whose strong consumer products expertise and financial resources will benefit the business going forward.”
Water Pik was acquired from an affiliate of EG Capital Group, LLC and Zodiac Marine & Pool, a Carlyle Group portfolio company.
Kirkland & Ellis acted as legal advisor to the MidOcean group and Credit Suisse, GE Capital and Macquarie Bank arranged the financing for the transaction. Harris Williams & Co. acted as exclusive financial advisor and Boies Schiller & Flexner LLP acted as legal advisor to Water Pik.
About Vulcan Capital
Vulcan Capital was formed in 2003 and is headquartered in Seattle, Wash. The firm serves as the investment arm of Vulcan Inc., the company founded by Paul G. Allen to manage his philanthropic and business endeavors. The firm invests across all stages of corporate development through start-up and early-stage companies, growth equity, leveraged buyouts, distressed situations, as well as investing in public equities and other liquid asset classes. Vulcan Capital's current portfolio spans a range of industry sectors, including technology, life sciences, energy and natural resources, media and communications, and financial and information services. For more information, visit capital.vulcan.com.
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About Water Pik
Water Pik is located in Fort Collins, Colorado, and is a leading developer and marketer of personal health and wellness products, including water flossers and replacement showerheads under the Waterpik® brand, and professional dental products. Consumers can find additional information about Waterpik® products by consulting their local retailers or by visiting the web at www.waterpik.com.
About MidOcean Partners
MidOcean Partners is a premier New York-based alternative asset manager specializing in middle-market private equity and alternative credit investments. Since its inception in 2003, MidOcean Private Equity has targeted investments in high-quality middle-market companies in the consumer and business services sectors. MidOcean Credit was launched in 2009 and currently manages a series of alternative credit strategies, collateralized loan obligations (CLOs), and customized separately managed accounts.
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