SAN FRANCISCO, Dec. 1, 2020 /PRNewswire/ -- Gryphon Investors
("Gryphon"), a San Francisco-based
private equity firm, announced today that it has completed the sale
of its portfolio company Matrixx Initiatives, Inc. ("Matrixx" or
"the Company") to Church & Dwight Co., Inc. (NYSE: CHD), a
leading consumer packaged goods company. Gryphon originally
invested in the Company in December
2017.
Matrixx, headquartered in Bridgewater,
NJ, makes and markets over-the-counter remedies, including
the best-selling Zicam® cold remedy brand, to shorten colds
and treat nasal congestion and allergies.
Keith Stimson, Deal Partner and
Head of Gryphon's Heritage Fund, noted, "We are extremely pleased
with the outcome of this transaction, our second investment in the
Consumer Health space in partnership with Steve LaMonte and Dr. John Clayton." Gryphon previously successfully
exited its investment in C.B. Fleet Company, Inc. to Prestige
Brands in December 2016.
Mr. LaMonte, Exclusive Executive Advisor to Gryphon and
Executive Chairman of Matrixx, said, "Under Gryphon's ownership, we
have instituted numerous strategic and operational enhancements to
create value. Foremost among those is the appointment of
Marc Rovner as CEO. Marc has
assembled a terrific management team and helped the Company
accelerate its value creation initiatives, including new product
innovation, growth with our retail partners, and aggressive efforts
to build out e-commerce channels through investments in digital
marketing and social influencer programs."
Mr. Rovner added, "Our team has had tremendous success based on
Gryphon's investment thesis, growing Zicam's share of the cough and
cold category in a short amount of time and achieving our growth
objectives on an accelerated timeline. This growth wouldn't have
been possible without the support of a sponsor like Gryphon, who
brought differentiated experience and expertise in the Consumer
Health sector to the Board."
Ryan Fagan, Senior Vice President
at Gryphon, added, "Matrixx is a great case study for Gryphon's
proactive sector initiative to identify and invest behind leading
brands and experienced executives in Consumer Health. This category
will continue to be a focus area for us in the future."
Sawaya Partners, LLC acted as financial advisor to Gryphon, and
Kirkland & Ellis LLP served as Gryphon's legal
counsel.
About Matrixx Initiatives, Inc.
Matrixx is engaged in
the development and marketing of over-the-counter health care
products that utilize innovative drug delivery systems. The company
manufactures and markets a full line of Zicam brand Homeopathic and
Allopathic OTC products, including its clinically proven ZICAM®
Cold Remedy Nasal Spray and Swab, ZICAM® Cold Remedy RAPIDMELTS®,
ZICAM® Cold Remedy Medicated Fruit Drops, ZICAM® Extreme Congestion
Relief, and ZICAM® Intense Sinus Relief. For more information
regarding Matrixx products, please visit www.zicam.com.
About Gryphon Investors
Based in San Francisco, Gryphon Investors is a leading
private equity firm focused on growing and enhancing mid-market
companies in partnership with management. The firm has managed over
$5 billion of equity investments and
capital since 1997. Gryphon targets making equity investments of
$50 million to $300 million in portfolio companies with sales
ranging from approximately $100
million to $600 million.
Gryphon prioritizes investment opportunities where it can form
strong partnerships with owners and executives to build leading
companies, utilizing Gryphon's capital, specialized professional
resources, and operational expertise. For more information,
visit www.gryphoninvestors.com.
Contact
Lambert & Co.
Caroline Luz, 203-656-2829,
cluz@lambert.com
or
Jennifer Hurson, 845-507-0571,
jhurson@lambert.com
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SOURCE Gryphon Investors