FORT COLLINS, Colo.,
July 9, 2013 /PRNewswire/ -- Water
Pik, Inc. ("Water Pik" or the "Company") announced today that an
affiliate of EG Capital Group, LLC ("EG Capital"), a New York-based middle market private equity
firm focused on the consumer products sector, and Zodiac Marine
& Pool, a company in The Carlyle Group's portfolio, have
divested their ownership stakes in the Company to an investor group
led by MidOcean Partners ("MidOcean").
(Logo: http://photos.prnewswire.com/prnh/20130709/LA44113LOGO)
Water Pik is a leading innovator, marketer and supplier of
branded health and wellness products. Water Pik's proven
track record of innovation has enabled the Company to become the
market leader in both its oral health and replacement shower
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.
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 management. Richard
Bisson commented, "We had an extremely productive
relationship with EG Capital and Carlyle. They were very
supportive of our strategy and tactics in the areas of R&D,
marketing, sales distribution, reporting and metrics, and the
supply chain, as we worked to transform and grow the Company.
I want to personally thank them for their valued
contributions."
Jay Eastman, a founder and
principal of EG Capital, said, "During our ownership, Water Pik has
been transformed into an R&D driven innovation engine, with
sales and marketing focused on satisfying its retail customers' and
end consumers' needs, and led by its outstanding management
team. We are pleased to have been in a position to assist
this successful Company in obtaining its goals and to engage in
this transaction with their new partners."
Harris Williams & Co. acted
as exclusive financial advisor and Boies
Schiller & Flexner LLP acted as legal advisor to Water
Pik.
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 EG Capital Group
EG Capital is a private equity firm based in New York. The
firm is focused on buy-outs of, and growth capital for, small and
medium sized companies with strong management primarily in the
consumer products sector in both the
United States and Canada. The firm was founded in
2003 and has experience with a variety of transaction
types and structures including traditional leveraged buyouts,
carve-outs and subsidiary divestitures, restructurings,
turn-arounds, platform acquisitions, and growth
equity.
About Zodiac Marine & Pool
Zodiac
Marine & Pool is a global leader in the design, manufacture and
sale of equipment and accessories for residential swimming pools
and spas. Zodiac's technological expertise is reflected in
innovative product design, sophisticated manufacturing and constant
customer interaction. Its portfolio of high-profile pool
brands (Zodiac®, Polaris® & Jandy®) makes the company a
recognized international leader in the industry. Visit
www.zodiac.com for additional
information.
About The Carlyle Group
The Carlyle Group
(NASDAQ: CG) is a global alternative asset manager with
$176 billion of assets under
management across 114 funds and 76 fund of funds vehicles as of
March 31, 2013. Carlyle's
purpose is to invest wisely and create value on behalf of its
investors, many of whom are public pensions. Carlyle invests
across four segments – Corporate Private Equity, Real Assets,
Global Market Strategies and Solutions – in Africa, Asia,
Australia, Europe, the Middle
East, North America and
South America. Carlyle has expertise in various industries,
including: aerospace, defense & government services,
consumer & retail, energy, financial services, healthcare,
industrial, technology & business services, telecommunications
& media and transportation. The Carlyle Group employs
more than 1400 people in 34 offices across six continents.
Web: www.carlyle.com.
Videos:
www.youtube.com/onecarlyle.
Tweets:
www.twitter.com/onecarlyle.
Podcasts:
www.carlyle.com/about-carlyle/market
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SOURCE Water Pik