Mezzanine Management (MM), the London-headquartered provider of private equity and subordinated debt with offices in Frankfurt, Paris, Vienna and Stamford, Connecticut, has sold Waterbury Companies Inc. to Wind Point Partners, a Chicago-based private equity fund. According to a source close to the firm, the purchase price was in excess of $100 million.
Waterbury is a Connecticut-based manufacturer of hygiene and pest control products such as air fresheners and insect control products. MM acquired the company in August 1998 when it backed a management buyout from NYSE-listed alloy manufacturer Carpenter Technology Company. The firm's investment took the form of a mezzanine loan facility and minority equity participation.
Founded in 1988, MM firm is currently investing Mezzanine Management Fund III, which closed on almost €530 million in June 2000. It is currently in the market with a new fund.
Preceding the Waterbury disposal, MM recently achieved realisations from refinancings of French transmission towers business TDF and Integrated Dental Holdings, a UK dental chain.
MM provides mezzanine financing and private equity to growth companies in the US and Europe. It typically invests between €10 million and €50 million in a transaction, and to date has invested $1.4 billion in 71 companies across 10 countries.
Rory Brooks, a founder director of Mezzanine Management, said in a statement that he believes self-sponsored mezzanine investments offered 'attractive returns at a time when pricing at the LBO end of the mezzanine market has become particularly aggressive.'