M&A Deal Summary

Gridiron Capital and Kaulig Capital Acquire Foundation Wellness

On April 22, 2019, private equity firm Gridiron Capital and family office Kaulig Capital acquired consumer products company Foundation Wellness from Spectrum Brands

Acquisition Highlights
  • This is Gridiron Capital’s 5th and Kaulig Capital’s 1st transaction in the Consumer Products sector.
  • This is Gridiron Capital’s 26th and Kaulig Capital’s 5th transaction in the United States.
  • This is Gridiron Capital’s 4th and Kaulig Capital’s 2nd transaction in Ohio.
Investment Fate
  • Foundation Wellness was sold to a consortium of financial buyers in 2024.

M&A Deal Summary
Date 2019-04-22
Target Foundation Wellness
Sector Consumer Products
Buyer(s) Gridiron Capital
Kaulig Capital
Sellers(s) Spectrum Brands
Deal Type Divestiture

Target

Foundation Wellness

Wadsworth, Ohio, United States
Foundation Wellness is a specialty designer and manufacturer of branded and private label orthotic solutions, including footbeds/insoles, foot care products, orthopedic braces, sports support, and ergonomic safety products. Foundation Wellness was founded in 1934 and is based in Wadsworth, Ohio.

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Buyer(S) 2

Buyer

Gridiron Capital

New Canaan, Connecticut, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2004
PE ASSETS 764M USD
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Gridiron Capital is a private equity firm focused on acquiring mid-sized North American manufacturing, service and specialty consumer companies. Gridiron looks to commit companies with EBITDA up to $60 million. The Firm prefers controlling interests when considering transactions. Situations of interest include companies operating in sectors undergoing change, closely held companies owned by founding family or management for ownership transition, and corporate divestitures of orphaned or non-strategic business units. Gridiron Capital was formed in 2004 and is based in New Canaan, Connecticut.

DEAL STATS #
Overall 26 of 38
Sector (Consumer Products) 5 of 8
Type (Divestiture) 3 of 3
State (Ohio) 4 of 6
Country (United States) 26 of 38
Year (2019) 1 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-29 Cushman & Wakefield’s Third-Party Vendor Managed Site Maintenance Business

Colwich, Kansas, United States

Cushman & Wakefield’s Third-Party Vendor Managed Site Maintenance Business is a facility management firm specializing in on-demand facility maintenance and project management services through a national network of facilities contractors.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-04-25 Jacent

Huntingdon Valley, Pennsylvania, United States

Jacent is a distributor and merchandiser of non-edible, general merchandise impulse items to grocery and other retail channels. The company creates a strategic merchandising plan for each store and places the right impulse product in the right location within the store to drive enhanced customer experiences, sales and profitability. With its national direct store delivery (“DSD”) network and team members, Jacent reorders, restocks and merchandises each store to provide a customized, turn-key solution that drives incremental impulse sales for its blue-chip customers. Jacent is based in Huntingdon Valley, Pennsylvania.

Buy -
Buyer

Kaulig Capital

Investor Investor Investor Investor Investor

Category Family Office
Founded 2016
Size Small
Type Sector Agnostic
DESCRIPTION

Kaulig Capital is a family office focused on opportunities in private equity and real estate. Within private equity Kaulig looks to partner with owners looking for full/partial liquidity, fundless sponsors look for a capital partner, growth capital financings, and operators seeking a partner to acquire a business. The Firm is sector agnostic and will consider opportunities throughout the US with at least $10 million of revenue and $2 million of EBITDA. Kaulig Capital was formed in 2016 and is headquartered in Hudson, Ohio.

DEAL STATS #
Overall 5 of 12
Sector (Consumer Products) 1 of 3
Type (Divestiture) 1 of 1
State (Ohio) 2 of 3
Country (United States) 5 of 12
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-01 Liquid Markets Group

New York, New York, United States

Liquid Markets Group is a registered broker-dealer and the operator of an Alternative Trading System (ATS) that brings together blockchain technology and facilitates the secondary trading of tokenized assets. Liquid Markets Group is based in New York.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-07-01 CCG

Sarasota, Florida, United States

CCG is a global provider of expert, impartial and tech-enabled services that add value and liquidity to collectibles. CCG was founded in 1987 and is based in Sarasota, Florida.

Buy -

Seller(S) 1

SELLER

Spectrum Brands

Middleton, Wisconsin, United States
Category Company
Sector Consumer Products
Employees12,100
Revenue 2.9B USD (2023)
DESCRIPTION

Spectrum Brands is a diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders’ hardware and faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents. Spectrum Brands is based in Middleton, Wisconsin.

DEAL STATS #
Overall 3 of 4
Sector (Consumer Products) 2 of 2
Type (Divestiture) 3 of 4
State (Ohio) 2 of 2
Country (United States) 3 of 4
Year (2019) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-11-15 Spectrum Brands Holdings - Global Auto Care Business

Vandalia, Ohio, United States

Spectrum Brands Holdings, Inc. - Global Auto Care Business is a wholesaler of auto accessories based in Vandalia, Ohio.

Sell $1.3B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-12 OmegaSea

Painesville, Ohio, United States

OmegaSea LLC is a manufacturer and distributor of premium food and related products for the aquarium hobbyist. Fish food is marketed worldwide under the Omega One brand. OmegaSea was founded in 1998 and is based in Painesville, Ohio.

Buy -
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