M&A Deal Summary

Castle Harlan and Branford Castle Partners Acquire INNOVÉ Beauty & Wellness

On August 13, 2019, private equity firms Castle Harlan and Branford Castle Partners acquired consumer products company INNOVÉ Beauty & Wellness from Riverside and Audax Private Debt

Acquisition Highlights
  • This is Castle Harlan’s 1st and Branford Castle Partners’ 2nd transaction in the Consumer Products sector.
  • This is Castle Harlan’s 35th and Branford Castle Partners’ 11th transaction in the United States.
  • This is Castle Harlan’s 2nd and Branford Castle Partners’ 1st transaction in Ohio.

M&A Deal Summary

Date 2019-08-13
Target INNOVÉ Beauty & Wellness
Sector Consumer Products
Buyer(s) Castle Harlan
Branford Castle Partners
Sellers(s) Riverside
Audax Private Debt
Deal Type Secondary Buyout

Target

INNOVÉ Beauty & Wellness

Macedonia, Ohio, United States
INNOVÉ Beauty & Wellness manufactures and sells spray tanning equipment, spray tanning solution, and related accessories. The company provides consumers with natural-looking tans through MysticTan, VersaSpa, and Norvell brands. INNOVÉ Beauty & Wellness is based in Macedonia, Ohio.

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Buyer(S) 2

Buyer

Castle Harlan

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1987
PE ASSETS 6.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Castle Harlan is a large private equity firm that targets private company investments in the US and Australia. Castle Harlan targets businesses in a wide range of industries that include, packaging, industrial services, manufacturing, restaurants, business services, distribution, publishing, and transportation. Castle Harlan can provide both equity and mezzanine capital. The Firm is affiliated with Australian private equity firm CHAMP Private Equity, and together formed CHAMP - Castle Harlan Australian Mezzanine Partners. Castle Harlan was formed in 1987 and is based in New York City.


DEAL STATS #
Overall 45 of 48
Sector: Consumer Products M&A 1 of 1
Type: Secondary Buyout M&A Deals 16 of 17
State: Ohio M&A 2 of 2
Country: United States M&A 35 of 36
Year: 2019 M&A 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2018-06-25 Shelf Drilling

Dubai, United Arab Emirates

Shelf Drilling is an offshore jack-up rig operator engaged in the drilling and completion of offshore oil and gas wells. Shelf Drilling conducts drilling operations in Southeast Asia, the Middle East, India, West Africa, and North Africa / Mediterranean markets with a fleet of 37 independent-leg cantilever jack-up rigs and one swamp barge. Shelf Drilling was founded in 2012 and is based in Dubai, United Arab Emirates.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-03 Gold Star Foods

Ontario, California, United States

Gold Star Foods is a niche foodservice distributor specializing in the sale and distribution of a wide array of food and non-food products to public school districts serving students ages K-12 in California and Arizona. Gold Star Foods was formed in 1966 and is based in Ontario, California.

Sell -
Buyer

Branford Castle Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1986
PE ASSETS 200M USD
Size Small
Type Sector Agnostic
DESCRIPTION

Branford Castle is a private investment firm that seeks investments in traditional companies with stable cash flows. Branford Castle prefers investing in 'old economy' businesses valued up to $100 million. Brandford will consider public or private companies, but the Firm will not invest in bankrupt, turnaround, or distressed situations. Sectors of interest include manufacturing, commercial distribution, services, consumer products, publishing, restaurants, and infrastructure. Branford Castle was formed in 1986 and is based in New York, New York.


DEAL STATS #
Overall 12 of 22
Sector: Consumer Products M&A 2 of 3
Type: Secondary Buyout M&A Deals 4 of 7
State: Ohio M&A 1 of 1
Country: United States M&A 11 of 21
Year: 2019 M&A 2 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-05 ABC Industries

Winona Lake, Indiana, United States

ABC Industries is a fully integrated and diversified manufacturer of industrial and mining ventilation products. ABC Industries was founded in 1926 and is based in Winona Lake, Indiana.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-06 Pulse Vet

Roswell, Georgia, United States

PulseVet is a developer and marketer of non-invasive medical devices for the veterinary market. Pulse Veterinary's principal technology is the VersaTron® family of products for the management of a variety of musculoskeletal disorders causing chronic pain and lameness in animals. PulseVet was founded in 2009 and is based in Roswell, Georgia.

Buy -

Seller(S) 2

SELLER

Riverside

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 5.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

The Riverside Company is a global private equity firm that seeks investments in profitable lower middle-market companies valued under $400 million. Riverside looks to invest in growth businesses headquartered in North America, Europe, and Asia (primarily Japan and South Korea), that have been in operation for at least five years. Riverside targets investments in a wide array of industries including distribution, automotive, healthcare, education, manufacturing, software, consumer services, plastics, publishing, food, communications, marine, and business services. Riverside was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 149 of 207
Sector: Consumer Products M&A 6 of 8
Type: Secondary Buyout M&A Deals 58 of 83
State: Ohio M&A 6 of 11
Country: United States M&A 105 of 146
Year: 2019 M&A 3 of 10
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-07-17 Uinta Brewing

Salt Lake City, Utah, United States

Uinta Brewing is a micro brewery serving the Western US. Named after the only major east-west running mountain range located in the continental U.S., Uinta Brewing Company’s journey began in 1993 with the reality that passion for craft beer and a hankering for the great outdoors could align in Salt Lake City, Utah. Built on an axis point that endorses sustainability, community involvement and innovation, their compass guides them on a path to admirable, consistent craft beer leading consumers to discover a brand with passion, personality and soul. Uinta Brewing was founded in 1993 and is based in Salt Lake City, Utah.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-16 North American Dental Group

Pittsburgh, Pennsylvania, United States

North American Dental Group is a dental services provider. North American Dental Group was created to transform the dental experience for its patients, clinicians, and its support teams and today consists of a network of over 200 dental practices in 11 states and 23 regional markets. North American Dental Group was founded in 2008 and is based in Pittsburgh, Pennsylvania.

Sell -
SELLER

Audax Private Debt

New York, New York, United States

Investor Investor Investor Investor Investor


Category Mezzanine Finance Firm
Founded 2000
PE ASSETS 5.4B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Audax Mezzanine is the mezzanine finance arm of the Audax Group. The Firm focuses on investing in both private and public, US-based middle market companies with a strong history of cash flows and consistent revenue growth. Audax will consider subordinated mezzanine debt commitments, second lien or junior secured debt, preferred stock and common stock. The Firm seeks to invest in companies with EBITDA between $10 and $100 million. Types of transaction include MBOs, LBOs, growth capital financings, acquisition financings, and recapitalizations. Audax Private Debt is based in New York, New York.


DEAL STATS #
Overall 45 of 53
Sector: Consumer Products M&A 2 of 2
Type: Secondary Buyout M&A Deals 20 of 25
State: Ohio M&A 7 of 8
Country: United States M&A 45 of 53
Year: 2019 M&A 3 of 3
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-08-01 Regenity Biosciences

Paramus, New Jersey, United States

Regenity Biosciences is a developer and manufacturer of collagen-based medical products used for tissue and bone repair and regeneration. Regenity Biosciences develops proprietary products that are sold to OEM customers on either a contract or private label basis across orthopedic, sports medicine, dental, and neurosurgery end markets. Regenity Biosciences also offers partnership opportunities including distribution, contract product development, and contract manufacturing services. Regenity Biosciences was founded in 1997 and is based in Paramus, New Jersey.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2019-09-03 Triman

Morristown, New Jersey, United States

Triman is a provider of distribution, supply chain and repair management solutions to the military aftermarket. Triman represents a growing list of over 40 OEMs and provides a full suite of value-added services including inspection and testing, packaging, labeling, marking, processing, export management, contract administration and repair management services. Triman was founded 1995 and is based in Morristown, New Jersey.

Buy -