MidOcean sells Prestige Brands to GTCR

The Chicago firm will buy the consumer products company in its second acquisition this week.

New York-based private equity firm MidOcean Partners has agreed to sell Prestige Brands to Chicago-based private equity firm GTCR Golder Rauner.

 

Terms of the deal were not disclosed. Goldman Sachs acted as the M&A advisor.

 

Prestige provides a range of products in the household cleaning, over-the-counter drug and personal care categories. Some of its brands include Comet, Clear Eyes, Chloraseptic and Prell. MidOcean started Prestige as a platform company with the purchase of the Prell shampoo company in 1999.

 

“Our strategy was to build the company up with subsequent purchases of orphaned consumer brands, create critical mass and add marketing muscle, and we’ve been successful in our mission,” MidOcean partner Bob Sharp said. “We built enough value for our management and GTCR offered a good price.”

 

MidOcean Partners, with another office in London, invests in “stable growth” middle-market companies in the US and Europe. The firm was formed as an independent entity by the managers of DB Capital Partners, Deutsche Bank’s private equity group, to acquire Deutsche Bank’s late stage private equity investments. Last August, MidOcean sold its 50% stake in European holiday park operator Center Parcs Europe for €270 million to Pierre & Vacances, a strategic buyer which already owns the other 50% stake in the company.

 

GTCR Golder Rauner manages more than $6 billion of equity capital in a broad range of companies in various sectors. The firm usually tries to partner with notable executives in a long-term growth strategy. Earlier this week, the firm bought Medtech Holdings, a marketer and distributor of branded health and beauty care products from San Francisco-based private equity firm The Shansby Group for an undisclosed amount.