Brynwood Partners VI L.P. announced its portfolio company, High Ridge Brands Co., owner of the North American Zest personal cleansing franchise brand, has signed a definitive purchase agreement with Unilever to acquire the Alberto VO5 brand and marketing rights in the U.S. 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 U.S. 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 are not disclosed.
"We are delighted to announce the signing of an agreement to acquire the Alberto VO5 and Rave brands," said James Daniels, president and CEO of High Ridge Brands. "We believe that these businesses will greatly complement the Zest personal cleansing brand currently marketed by High Ridge Brands, and we look forward to bringing renewed attention and energy to both the Alberto VO5 and Rave brands."
"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," said Dario Margve, managing partner, Brynwood Partners and chairman of High Ridge Brands.