GREENWICH, Conn. — Brynwood Partners VI L.P. has announced that High Ridge Brands, its portfolio company and owner of the North American Zest personal cleansing franchise, has signed a purchase agreement with Unilever to acquire the Alberto VO5 brand and marketing rights in the United States and Puerto Rico; as well as the rights to the Rave brand and marketing rights worldwide.
Unilever has retained the rights to the Alberto VO5 brand outside the United States and Puerto Rico.
The transaction, which is subject to approval by the U.S. Department of Justice, is expected to close by the end of August. Terms and conditions of the transaction will not be disclosed.
"We are excited to make another acquisition in the personal care space and to add to our very successful Zest business. In an eight-month period, we will have created a company with approximately $200 million in sales and look forward to growing the business through renewed marketing, product innovation and selected add-on acquisitions," stated Dario Margve, managing partner of Brynwood Partners and chairman of High Ridge Brands.
The Alberto VO5 and Rave transaction follows Brynwood Partners' acquisitions of the Zest brand from Procter & Gamble, the TrueNorth brand from PepsiCo, and the Balance Bar from Kraft Foods. Brynwood Partners also acquired several confections brands from Nestlé USA between 2004 and 2007. Over the course of its 27-year history, Brynwood Partners has purchased a total of 16 brands from eight corporations in the consumer segment.
Alberto VO5 was launched in 1955 by the Alberto-Culver and is known for its hair care products including shampoos, conditioners, hair treatments and styling aids. Originally founded in 1978, Rave is a brand with strong consumer loyalty for its line of hair spray products. The products of both brands are widely distributed in the United States and Puerto Rico.