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FORT COLLINS, Colo.,
July 9, 2013 /PRNewswire/ -- Water Pik, Inc. ("Water Pik" or the "Company") announced today that an affiliate of EG Capital Group, LLC ("EG Capital"), a
New York-based middle market private equity firm focused on the consumer products sector, and Zodiac Marine & Pool, a company in The Carlyle Group's portfolio, have divested their ownership stakes in the Company to an investor group led by MidOcean Partners ("MidOcean").
Water Pik is a leading innovator, marketer and supplier of branded health and wellness products. Water Pik's proven track record of innovation has enabled the Company to become the market leader in both its oral health and replacement shower business segments. Water Pik's oral health business offers a complete line of products, including its market leading line of water flossers, a clinically proven sonic toothbrush and a full line of professional dental products. Water Pik's replacement showerhead business is an innovative market leader that leverages its technology across a broad array of platforms, including EcoFlow (water conservation) and EasySelect (adjustable in-handle water pressure and spray selection). Driven by its strong R&D capabilities, broad product offering and exceptional brand awareness, Water Pik has established a diverse customer base that provides over 50,000 distribution points.
Concurrent with the investment by MidOcean and its investor group,
Richard Bisson will remain CEO of the Company and a significant investor, along with the rest of the Company management.
Richard Bisson commented, "We had an extremely productive relationship with EG Capital and Carlyle. They were very supportive of our strategy and tactics in the areas of R&D, marketing, sales distribution, reporting and metrics, and the supply chain, as we worked to transform and grow the Company. I want to personally thank them for their valued contributions."
Jay Eastman, a founder and principal of EG Capital, said, "During our ownership, Water Pik has been transformed into an R&D driven innovation engine, with sales and marketing focused on satisfying its retail customers' and end consumers' needs, and led by its outstanding management team. We are pleased to have been in a position to assist this successful Company in obtaining its goals and to engage in this transaction with their new partners."
Harris Williams & Co. acted as exclusive financial advisor and
Boies Schiller & Flexner LLP acted as legal advisor to Water Pik.
About Water PikWater Pik is located in Fort Collins, Colorado, and is a leading developer and marketer of personal health and wellness products, including water flossers and replacement showerheads under the Waterpik® brand, and professional dental products. Consumers can find additional information about Waterpik® products by consulting their local retailers or by visiting the web at www.waterpik.com.About EG Capital GroupEG Capital is a private equity firm based in New York. The firm is focused on buy-outs of, and growth capital for, small and medium sized companies with strong management primarily in the consumer products sector in both the United States and Canada. The firm was founded in 2003 and has experience with a variety of transaction types and structures including traditional leveraged buyouts, carve-outs and subsidiary divestitures, restructurings, turn-arounds, platform acquisitions, and growth equity. About Zodiac Marine & PoolZodiac Marine & Pool is a global leader in the design, manufacture and sale of equipment and accessories for residential swimming pools and spas. Zodiac's technological expertise is reflected in innovative product design, sophisticated manufacturing and constant customer interaction. Its portfolio of high-profile pool brands (Zodiac®, Polaris® & Jandy®) makes the company a recognized international leader in the industry. Visit www.zodiac.com for additional information. About The Carlyle GroupThe Carlyle Group (NASDAQ: CG) is a global alternative asset manager with $176 billion of assets under management across 114 funds and 76 fund of funds vehicles as of March 31, 2013. Carlyle's purpose is to invest wisely and create value on behalf of its investors, many of whom are public pensions. Carlyle invests across four segments – Corporate Private Equity, Real Assets, Global Market Strategies and Solutions – in Africa, Asia, Australia, Europe, the Middle East, North America and South America. Carlyle has expertise in various industries, including: aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1400 people in 34 offices across six continents. Web: www.carlyle.com. Videos: www.youtube.com/onecarlyle. Tweets: www.twitter.com/onecarlyle. Podcasts: www.carlyle.com/about-carlyle/market commentary
SOURCE Water Pik