Linden exits oral care products manufacturer

The First Chicago Equity spin-off has sold a controlling interest to Richard Kiphart investment group.

Linden, a Chicago-based buyout firm focussed on healthcare-related investments, has sold its controlling interest in consumer oral care products manufacturer Ranir to private investment group Kayak Holdings. Financial details of the detail were not disclosed.

Linden, formed in 2002 after managing partner Eric Larson spun out from First Chicago Equity Capital (aka One Equity Partners), acquired Ranir in April of 2005 as part of its expanding health and wellness portfolio.

Linden pursues leveraged investments in mature businesses and non-core businesses owned by large corporations.

“Ranir is exemplary for our firm’s approach to owning companies,” Larson said in a statement.

According to the firm’s website, Linden’s investment team has realized more than $450 million (€292 million) in value through 12 portfolio companies representing 29 transactions.

Michigan-based Ranir, which makes staple oral care products like toothbrushes and dental floss, will now fall under the ownership of Kayak Holdings, a private investment group led by Richard Kiphart, a principal at multi-strategy investment firm William Blair & Company.

Ranir was one of the original portfolio companies stemming from Linden’s $200 million debut fund, which closed in 2006. Linden also owns controlling stakes in Behavioral Centers of America, a network of psychiatric facilities, and Suture Express, a specialty distributor of wound closure products.

Officials at Linden could not be reached for comment.