M&A Deal Summary

CVC Capital Partners and Leonard Green & Partners Acquire PDC Brands

On June 1, 2017, private equity firms CVC Capital Partners and Leonard Green & Partners acquired consumer products company PDC Brands from Yellow Wood Partners

Acquisition Highlights
  • This is CVC Capital Partners’ 12th and Leonard Green & Partners’ 3rd transaction in the Consumer Products sector.
  • This is CVC Capital Partners’ 21st and Leonard Green & Partners’ 62nd transaction in the United States.
  • This is CVC Capital Partners’ 1st and Leonard Green & Partners’ 2nd transaction in Connecticut.

M&A Deal Summary
Date 2017-06-01
Target PDC Brands
Sector Consumer Products
Buyer(s) CVC Capital Partners
Leonard Green & Partners
Sellers(s) Yellow Wood Partners
Deal Type Secondary Buyout
Advisor(s) William Blair
Jefferies (Financial)
Fried Frank Harris Shriver & Jacobson (Legal)

Target

PDC Brands

Stamford, Connecticut, United States
PDC Brands is a beauty and wellness company. PDC Brands’ portfolio of category-leading brands includes Cantu, Dr Teal’s, Eylure, and Body Fantasies. PDC Brands’ portfolio of products can be found at major mass, chain drug, grocery and specialty retailers throughout the US, UK and in over 60 markets globally. PDC Brands is based in Stamford, Connecticut.

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Buyer(S) 2

Buyer

CVC Capital Partners

Luxembourg, Luxembourg

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1981
PE ASSETS 177.0B EUR
Size Mega
Type Sector Agnostic
DESCRIPTION

CVC Capital Partners is a global private equity firm focused on investments in large companies located in Europe, North America, and Asia. CVC looks for opportunities with stable cash flows and talented management, and will consider businesses in a variety of industries. Target sectors include textiles, industrial products, waste management, building materials, energy/utilities, business services, financial services, distribution, healthcare, media, semiconductors, and gaming. CVC can handle transactions valued from €200 million to €10 billion. CVC Capital Partners was formed in 1981 and is based in Luxembourg.

DEAL STATS #
Overall 206 of 323
Sector (Consumer Products) 12 of 15
Type (Secondary Buyout) 43 of 76
State (Connecticut) 1 of 1
Country (United States) 21 of 44
Year (2017) 10 of 21
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-05-26 Lecta SA

Riva del Garda, Spain

Lecta is the largest coated wood-free paper manufacturer in southern Europe (consisting primarily of Spain, Portugal, France and Italy) and the second largest coated wood-free paper manufacturer in Europe, with an annual production capacity of 1,340k metric tons, as of December 2008.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-19 QA

London, United Kingdom

QA is an independent provider of IT professional and personal development skills training with more than 240 instructors delivering over 1,200 different courses across 26 centers throughout the UK. QA Group is comprised of four fast-growing divisions- QA Learning, QA Apprenticeships, QA Consulting and QA Higher Education- all of which deliver innovative and cutting edge skills solutions to UK organisations. QA was founded in 1985 and is based in London, United Kingdom.

Buy -
Buyer

Leonard Green & Partners

Los Angeles, California, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1989
PE ASSETS 75.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Leonard Green & Partners is a mega-sized private equity firm that invests in established companies that are leaders in their respective markets. Leonard Green will consider investments in consumer and business services, consumer products, distribution, media, and retail. Typical transaction values for acquisitions are between $500 million and $2 billion, however, the firm is capable of closing transactions valued up to $5 billion. Types of transactions include public-to-private, recapitalizations of privately held businesses, growth capital, equity capital to facilitate acquisitions, turnarounds/restructurings, and acquisitions of divisions/assets from large corporations. Leonard Green & Partners was formed in 1989 and is based in Los Angeles, California.

DEAL STATS #
Overall 65 of 102
Sector (Consumer Products) 3 of 3
Type (Secondary Buyout) 20 of 47
State (Connecticut) 2 of 2
Country (United States) 62 of 94
Year (2017) 2 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2017-04-17 Charter Next Generation

Milton, Wisconsin, United States

Charter Next Generation is a manufacturer of highly engineered specialty films focused on high-cost-of-failure applications within food, medical and protective end-markets. The Company offers an extensive portfolio of films with complex resin formulations and multi-layer structures, designed to maintain food freshness, taste and color, extend shelf-life of products, and enhance product use and durability. Charter Next Generation is based in Milton, Wisconsin.

Buy $1.5B
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-06-13 Aspen Dental

East Syracuse, New York, United States

Aspen Dental is a multi-vertical retail healthcare support organization. TAG offers a full range of essential business support services to consumer healthcare brands under the Aspen Dental, Chapter Aesthetic Studio, ClearChoice Dental Implant Centers and WellNow Urgent Care trade names. Aspen Dental is based in East Syracuse, New York.

Buy -

Seller(S) 1

SELLER

Yellow Wood Partners

Boston, Massachusetts, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 2009
PE ASSETS 1.8B USD
Size Large
Type Sector Focused
DESCRIPTION

Yellow Wood Partners is a specialist private equity firm focused on control and minority investments in the consumer sector. Yellow Wood targets growth companies generating positive cash flow and the potential and the potential for increased growth/improved margins. Specific areas of interest include food, beverages, pet care, home goods, outdoor/recreation, health/wellness, and beauty/personal care. The Firm looks to commit $35 to $200 million per company. Yellow Wood Partners was formed in 2009 and is based in Boston, Massachusetts.

DEAL STATS #
Overall 2 of 2
Sector (Consumer Products) 1 of 1
Type (Secondary Buyout) 1 of 1
State (Connecticut) 1 of 1
Country (United States) 2 of 2
Year (2017) 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2013-12-27 Ilex Consumer Products Group

Baltimore, Maryland, United States

Ilex Consumer Products Group, Inc. is a consumer brand management company that owns brands in the health, beauty, and over-the-counter OTC pharmaceutical sector. Ilex Consumer Products Group is based in Baltimore, Maryland.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2017-08-14 Freeman Beauty

Beverly Hills, California, United States

Freeman Beauty is a beauty company, thta offers a wide range of facial masks, dry shampoo, specialty bath & body, and foot care products that provide a spa-like experience in the comfort of your own home. Freeman Beauty was founded in 1976 and is based in Beverly Hills, California.

Buy -
Mergr

Product

Company

Legal