Add-on Acquisition • Consumer Products

Unilever Acquires SmartyPants

On November 25, 2020, Unilever acquired consumer products company SmartyPants from North Castle Partners and Breakwater Management

Acquisition Context
  • This is Unilever’s 28th transaction in the Consumer Products sector.
  • This is Unilever’s 23rd transaction in the United States.
  • This is Unilever’s 9th transaction in California.

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M&A Deal Summary

Date November 25, 2020
Target SmartyPants
Sector Consumer Products
Buyer(s) Unilever
Sellers(s) North Castle Partners
Breakwater Management
Deal Type Add-on Acquisition

Target Company

SmartyPants

Marina Del Rey, California, United States
SmartyPants, Inc. is a developer and provider of gummy vitamins for kids and adults. Starting with a multifunctional supplement for kids and adults formulated based on the needs of the average American diet, SmartyPants expanded the portfolio to include supplements custom-tailored for a range of life stages and dietary requirements. SmartyPants was founded in 2011 and is based in Marina Del Rey, California.
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Buyer Overview 1

Buyer

Unilever

London, United Kingdom

Category Company
Founded 1894
Sector Consumer Products
Employees115,964
Revenue 60.8B EUR (2024)
DESCRIPTION

Unilever is a multinational consumer goods company. Its products include food, beverages, cleaning goods and personal care products. Unilever was founded in 1894 and is based in London, United Kingdom.


Deal Context for Buyer #
Overall 44 of 46
Sector: Consumer Products 28 of 30
Type: Add-on Acquisition 34 of 36
State: California 9 of 10
Country: United States 23 of 25
Year: 2020 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-09-01 Liquid I.V.

El Segundo, California, United States

Liquid I.V. is a health-science nutrition and wellness company, created to fuel life's adventures. Liquid utilises Cellular Transport Technology (CTT®) to deliver hydration and other key nutrients rapidly into the bloodstream – helping consumers feel better, faster. Liquid was established in 2012 and is based in El Segundo, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-06-14 Paula s Choice

Kent, Washington, United States

Paula's Choice is one of the largest digitally-native beauty brands in the world. Paula Begoun, Paula’s Choice has grown into a leading global skincare brand with a diversified geographic reach, a methodically curated product offering, and a loyal customer base that is supported by a global direct-to-consumer (“DTC”) model. Paula's Choice was founded in 1984 and is based in Kent, Washington.

Buy -

Seller Profiles 2

SELLER

North Castle Partners

Greenwich, Connecticut, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1997
Size Middle-Market
Type Sector Focused
DESCRIPTION

North Castle Partners is a specialist private equity firm that targets investments in consumer-driven product and service businesses. North Castle seeks control investments in companies that benefit from consumers looking to live 'healthier' lives as well as businesses that benefit from the baby boomer population. Specific areas of interest include aesthetics and personal care, consumer health, fitness and recreation, home and leisure, and nutrition. North Castle was formed in 1997 and is based in Greenwich, Connecticut.


Deal Context for Seller #
Overall 22 of 25
Sector: Consumer Products 10 of 10
Type: Add-on Acquisition 14 of 15
State: California 7 of 8
Country: United States 20 of 23
Year: 2020 2 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-06-09 Sparx Hockey

Acton, Massachusetts, United States

Sparx Hockey is a privately held corporation focused on developing and manufacturing of skate sharpening equipment and related accessories for ice hockey, figure skating, and sled hockey. The innovative and fast-growing company is focused on building a leadership position in skate sharpening by providing customers with the most advanced, accurate, and easy-to-use skate sharpening equipment on the planet. Sparx Hockey was formed in 2013 and is based in Acton, Massachusetts.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-02-10 Sprout Organic Foods

Montvale, New Jersey, United States

Sprout Foods provides organic foods for babies, toddlers, and their families that encourage happy and healthy eating. Sprout Foods was founded in 2008 and is based in Montvale, New Jersey.

Sell -
DESCRIPTION

Breakwater Investment Management is a private investment firm focused on providing loans and growth capital financing to owner-entrepreneurs and sponsor-backed businesses in the lower middle-market. The Firm looks to invest at least $20 million in profitable companies (> $5 million of EBITDA) throughout the US and Canada. Breakwater Investment Management was formed in 2009 and is headquartered in Los Angeles, California.


Deal Context for Seller #
Overall 7 of 10
Sector: Consumer Products 3 of 3
Type: Add-on Acquisition 4 of 6
State: California 4 of 6
Country: United States 7 of 10
Year: 2020 1 of 1
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2019-10-01 Apex Linen

Las Vegas, Nevada, United States

Apex Linen is a provider of linen, uniform, and guest laundry and dry cleaning services for the Las Vegas hospitality market. It operates out of a state-of-the-art 90,000 square foot facility with a meaningful capacity to service the multiple needs of large-scale hotel-casinos. Apex Linen was formed in 2010 and is based in Las Vegas, Nevada.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2021-01-24 Alpha Media

Portland, Oregon, United States

Alpha Media is a diverse multimedia company sharing your favorite music, sports, and news across a variety of platforms. Alpha Media is an owner and operator of radio stations across the U.S. covering all formats. Alpha Media currently owns over 130 radio stations and remains active in the pursuit of additional acquisition targets. Alpha Media was founded in 2009 and is based in Portland, Oregon.

Sell -