Consumer Products Acquisitions in 2020

Central Garden & Pet (NASDAQ: CENT) agreed to acquire Green Garden Products, a leading North American supplier of seed packets and seed-starting products, for $532 million. The deal (expected to close in Q1 2021) expands Central’s garden product portfolio and strengthens its retail footprint and digital/merchandising capabilities; Green Garden had previously been partnered with Freeman Spogli & Co.

Seawall Capital, a middle‑market private equity firm, acquired Kent Water Sports Holdings, LLC (Kent) for an undisclosed amount; the transaction closed on December 31, 2020. Seawall said it will partner with Kent’s management and the Archer family to provide capital and resources to accelerate organic growth and pursue future acquisitions across Kent’s portfolio of action‑sports brands.

Bemis Manufacturing Company acquired Bio Bidet, a Crystal Lake, Illinois-based maker of bidet and smart toilet seats, effective December 29, 2020. The acquisition expands Bemis’s product portfolio and engineering capabilities in bidet and smart toilet-seat technology while leveraging Bemis’s distribution and market penetration to grow the bidet category.

De'Longhi Group agreed to acquire Capital Brands Holdings Inc., the Los Angeles-based owner of the Nutribullet and Magic Bullet personal blender brands, from affiliates of Centre Lane Partners for an enterprise value of approximately $421 million. Capital Brands forecasted roughly $290 million in 2020 net revenues; De'Longhi said the acquisition strengthens its presence in the U.S. and expands its food-preparation/blender portfolio and is expected to be accretive.

AEA Investors' Small Business Fund (AEA SBF) has completed the acquisition of 50 Floor, Inc., a direct-to-consumer, shop-at-home flooring company serving the residential repair and remodel market. AEA SBF plans to back the company's growth and transformation across its existing markets and expand its direct-to-consumer flooring platform.

Unilever has acquired SmartyPants Vitamins, a Los Angeles–area producer of premium multi-vitamins and a Morgan Stanley Expansion Capital portfolio company. Terms were not disclosed; Unilever said the deal complements its functional nutrition and supplement portfolio and will work with the company's founders to grow the brand.

Innovatus Capital Partners formed Certor Sports and, through its subsidiaries, acquired substantially all of Kranos Corporation's assets, intellectual property and brands — including Schutt, ProGear, Tucci Bats, Hollywood Bases and Adams USA. The deal consolidates multiple sporting-goods brands under Certor Sports (which had earlier acquired VICIS assets), preserving warranties and service relationships while positioning the platform for product and market expansion.

Groupe Bruxelles Lambert (GBL) has signed a definitive agreement to acquire a majority stake in Canyon Bicycles GmbH, with minority investor TSG Consumer Partners fully exiting. Founder Roman Arnold will remain as Chairman of the Advisory Board and reinvest alongside GBL, while Tony Fadell (via Future Shape) will co-invest to support product and service growth as Canyon pursues expansion in e-bikes and international markets.

SteelSeries has acquired KontrolFreek, a leading maker of high-performance controller accessories, to strengthen its position in the console gaming market and expand its controller and accessory product offering. KontrolFreek will operate as a wholly owned subsidiary, bringing its product lines and community of more than four million gamers to SteelSeries' global distribution and R&D capabilities.

Promus Equity Partners has made an investment in Anything Possible LLC (Anything Possible Brands), a Springfield, Missouri-based maker of fishing gear for children and recreational anglers. The founder Ralph Duda III will remain president; Promus said the capital will support organic growth, build operating capabilities and enable future acquisitions.

A consortium led by consumer-focused private equity firm L Catterton — including a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company and StepStone Group — has agreed to acquire a controlling interest in Truck Hero, Inc. CCMP Capital and Truck Hero founder/CEO Bill Reminder will remain meaningful investors. Truck Hero, headquartered in Ann Arbor, Michigan, is a leading manufacturer and marketer of branded aftermarket truck and Jeep accessories and operates the direct-to-consumer site RealTruck.com; the deal was expected to close in Q1 2021.

Arizona-based Royal Paper, backed by private equity firm Gridiron Capital, has acquired Sun Paper Company, a Duncan, South Carolina-based manufacturer of bath, towel, napkin and facial tissue. The acquisition expands Royal Paper's national footprint and manufacturing capacity, creating a larger private-label and sustainable tissue platform serving retail and away-from-home customers.

Digital fitness and nutrition platform Openfit has acquired Ladder, the sports nutrition company co-founded by LeBron James and Arnold Schwarzenegger. Ladder's NSF Certified performance supplements will be integrated into Openfit's platform and the founding athletes will join Openfit as multi-year development and promotional partners.

Mohawk Group Holdings, Inc. acquired the assets of e-commerce brands Mueller, Pursteam, Pohl & Schmitt and Spiralizer from 9830 Macarthur LLC, ZN Direct LLC, and Reliance Equities Group, LLC. Consideration included $25.0 million in cash, 4,220,000 shares of Mohawk common stock and a promissory note of approximately $15.8 million, and the acquired brands reported combined unaudited trailing twelve month revenue of ~$77.5 million and operating income of ~$13.1 million as of September 30, 2020.

Church & Dwight Co., Inc. acquired Matrixx Initiatives, the maker of the Zicam over-the-counter cold remedy brand, from Gryphon Investors. The transaction, completed in December 2020, expands Church & Dwight’s consumer health portfolio and brings the Zicam brand and related product lines into its CPG portfolio (deal value reported at $530 million).

Funds affiliated with Charlesbank Capital Partners and newly formed Bridges Consumer Healthcare (led by Robert Long and Blair Ramey) have acquired the North American rights to the ThermaCare HeatWraps brand from GSK Consumer Healthcare. Bridges will serve as a consumer healthcare platform focused on OTC and personal care brands and intends to grow the business organically and via further acquisitions.

An affiliate of New Mountain Capital completed the acquisition of Natrol from Aurobindo Pharma and will combine Natrol with its existing portfolio company Jarrow Formulas. The two brands are now operated under the new corporate name Vytalogy Wellness to create a larger consumer health and wellness platform focused on vitamins, supplements and related product categories.

SFERRA Fine Linens, a portfolio company of Highlander Partners, has acquired Pratesi, the ultra-premium Italian luxury linens brand founded in 1906. The acquisition is an add-on to Highlander's SFERRA platform and aims to reintroduce and expand the Pratesi brand internationally and via a new direct-to-consumer website.

BRS & Co. sold Simpson Performance Products, a New Braunfels, Texas-based maker of motorsports safety equipment, in November 2020. The buyer was not disclosed in the announcement; BRS had owned Simpson since 2015 and under its ownership the company expanded its direct-to-consumer channel and product portfolio.

Centre Partners Management LLC has made a growth investment in Disruptive Products, Inc., the parent of Tastemakers, LLC and creator of the Arcade1UP line of retro at‑home arcade machines. The capital is intended to support Disruptive Products’ continued product innovation, retail and online distribution expansion, and overall growth initiatives.

British eyewear designer and manufacturer Inspecs Group plc has agreed to acquire a majority stake in Nuremberg-based Eschenbach Holding GmbH from funds advised by Equistone Partners Europe. The deal (reported at approximately €94.85 million) combines two leading eyewear businesses to strengthen the enlarged group's global market position, broaden product and customer portfolios and accelerate international expansion; the transaction remains subject to regulatory approvals.

The Dorman Group of Companies, in partnership with Merit Capital Partners and John‑Richard CEO Alan Galbraith, acquired John‑Richard Collection, Inc. from founder Alex Malouf and the Malouf family in a transaction completed in October 2020. John‑Richard, headquartered in Greenwood, Mississippi, is a designer and manufacturer of high‑end home furnishings (furniture, lighting, mirrors, botanicals and accessories); Merit provided subordinated debt and equity to support the acquisition.

Gridiron Capital has acquired Good Sportsman Marketing (GSM Outdoors), a multi-brand developer, manufacturer and retailer of hunting, sport shooting and outdoor accessories, from Sentinel Capital Partners. WP Global Partners participated as a co-investor to support GSM's next phase of growth, including product innovation and acquisition-led expansion; terms were not disclosed.

Fairchild Capital Partners, a Buffalo, New York–based private equity firm, completed a growth capital investment in Caitec Corp, a Halethorpe, Maryland manufacturer and distributor of pet toys and supplies. The investment will support Caitec’s organic growth initiatives and enable the company to pursue strategic acquisitions and expand product availability across retail and e‑commerce channels.

British American Tobacco’s U.S. business (through Modoral Brands Inc. / Reynolds American Inc.) acquired the nicotine pouch product assets of DRYFT Sciences, LLC. The deal transfers DRYFT’s all‑white nicotine pouch formulations and SKUs into BAT’s Velo product line to accelerate distribution and marketing reach in the modern oral nicotine segment.

Made in Italy Fund, managed by Quadrivio and Pambianco, has acquired a majority stake in Milan-based fashion brand GCDS. Founders Giuliano and Giordano Calza will retain a significant direct stake, and former luxury executive Patrizio di Marco will co-invest and join the board.

Formula 5 has acquired Trophy Skin, a Frisco, Texas–based direct-to-consumer skincare tools brand known for at-home microdermabrasion and light-therapy devices. Parcrest Advisors served as exclusive investment banking advisor to Trophy Skin on the transaction, which transfers ownership from founder Imran Karim to Formula 5 as part of Formula 5's consumer brand expansion strategy.

VF Corporation has signed a definitive agreement to acquire the privately owned streetwear brand Supreme in an all-cash deal valuing the brand at about $2.1 billion. Current investors The Carlyle Group and Goode Partners are selling their stakes; Supreme's founder James Jebbia and senior leadership will remain with the company, headquartered in New York City.

The Carlyle Group has agreed to acquire a majority stake in Manna Pro Products from investment funds managed by Morgan Stanley Capital Partners; financial terms were not disclosed. Manna Pro, a St. Louis–based manufacturer and marketer of pet food, treats and pet health products, will be supported by Carlyle to expand its core business, scale acquisitions and pursue domestic and international growth.

Circle Graphics, a portfolio company of H.I.G. Capital, has acquired Graphik Dimensions, a High Point, North Carolina-based provider of customized framed wall décor products. The add-on expands Circle's online wall décor and personalized products offering and aims to scale mass-customization capabilities across consumer and commercial channels.

Guardian Capital Partners, a private equity firm based in Pennsylvania, has acquired and invested in Austin-based Upper Echelon Products, a data-driven consumer products company selling branded goods through eCommerce marketplaces. The founders and management will remain in place as Guardian provides capital and strategic support to scale the company's DTC/eCommerce business and expand its product portfolio.

Clearview Capital (Fund IV), in partnership with its holding company Vertikal Brands, recapitalized Revo Brand Group d/b/a Real Avid, a Plymouth, Minnesota-based designer and supplier of premium shooting and outdoor accessories. The transaction provides Real Avid with growth capital and pairs the company with Vertikal Brands' outdoor industry expertise to support organic and inorganic expansion.

HatchBeauty Brands, a Los Angeles-based beauty and wellness incubator, has acquired the Duncan Cosmetics brand portfolio (Lique, Tattoo Junkie, Remi Rose and BE Beauty Essentials) from Duncan Enterprises. The deal transfers mass‑market beauty brands that currently retail at Target, Kohl's, Urban Outfitters and Dollar Tree to HatchBeauty, expanding its owned‑brand portfolio and retail distribution reach.

IPSY announced it is acquiring BoxyCharm and combining the two businesses under a newly formed platform, BFA (Beauty For All) Industries, creating a beauty subscription powerhouse with a global community of more than 30 million and expected to exceed $1 billion in annual revenue. BoxyCharm will continue to operate as an independent brand under BFAI, with founder Joe Martin joining the BFAI board while IPSY's Marcelo Camberos will serve as CEO of the combined platform.

Hilco Vision, a portfolio company of Windjammer Capital Investors, acquired Hamburg-based premium ready reader glasses manufacturer and distributor I NEED YOU (INY), effective October 30, 2020. The acquisition is an add-on to expand Hilco Vision's European footprint and product offering in ready readers; INY founder Uwe Gellermann and leadership will remain with the business post-transaction.

Spin Master Corp. has agreed to acquire London-based Rubik's Brand Ltd, owner of the Rubik's Cube, to expand its Games & Puzzles portfolio and global distribution. The acquisition strengthens Spin Master's capabilities in toys and branded entertainment and is expected to close in early January 2021.

Spectrum Brands Holdings acquired Armitage Pet Care from Rutland Partners for an enterprise value of £140 million, completing the sale on 26 October 2020. The acquisition brings the Good Boy-branded pet treats and toys business into Spectrum's European pet-care portfolio and follows a period of operational transformation under Rutland (sales grew to over £65m).

Oakley Capital has agreed to acquire WindStar Medical GmbH from NuCom Group, a majority-owned ProSiebenSat.1 subsidiary. WindStar Medical is a leading German over-the-counter consumer healthcare platform (expected >€120m revenue) and Oakley will back the business to accelerate growth, digitalisation, go-to-market and international expansion.

Rawlings Sporting Goods has signed a definitive agreement to acquire Easton Diamond Sports, combining two leading baseball and softball equipment brands to deepen product innovation and expand the combined company's multi-brand portfolio. Existing shareholders of Peak Achievement Athletics Inc., the parent of Easton, will remain minority owners in the combined organization.

The Flowr Corporation (TSXV: FLWR) will acquire all outstanding common shares of Terrace Global Inc. (TSXV: TRCE) in a court‑approved plan of arrangement in a share‑based transaction valuing Terrace at approximately $63 million. The deal (0.4973 Flowr shares per Terrace share, implied $0.22 per Terrace share) is intended to strengthen Flowr's international presence and create a vertically integrated cannabis platform with enhanced liquidity and reduced indebtedness.

Bansk Group has entered into a definitive agreement to acquire Woodstream, a Lancaster, Pennsylvania-based manufacturer and marketer of pest and animal control and lawn & garden products, from Vestar Capital Partners. The deal is expected to close in Q4 2020, with Woodstream’s CEO Miguel Nistal and the management team remaining post-close; terms were not disclosed and Ares Management provided committed financing to Bansk.

Lenox Corporation, the Bristol, Pennsylvania-based designer and marketer of dinnerware, flatware, glassware and giftware (including the Lenox, Dansk and Reed & Barton brands), was acquired by an affiliate of Centre Lane Partners. Centre Lane said it will partner with Lenox's management to support the company's transformation and growth, building on investments in branding and e-commerce.

Arcadia Consumer Healthcare, a portfolio company of Avista Capital Partners, has acquired NATURELO, a premium vitamins, minerals and supplements (VMS) brand. The add-on expands Arcadia's product portfolio and online presence in the growing self-directed wellness market; financial terms were not disclosed.

Sound United LLC has finalized the acquisition of Bowers & Wilkins, the British designer and manufacturer of premium loudspeakers, headphones, and branded automotive/TV audio systems. Sound United — itself a portfolio company of Charlesbank Capital Partners — will integrate Bowers & Wilkins into its portfolio to leverage scale, engineering expertise, and distribution to expand product development and consumer reach.

Altacrest Capital LLC, a Dallas-based private equity firm focused on eCommerce consumer brands, has acquired a controlling interest in Big Dot of Happiness, a Menomonie, Wisconsin-based designer party supplies and lifestyle products company. The transaction was financed in partnership with Route 2 Capital Partners, Venturi Private Wealth, co-owners Sherri and Scott Yukel and other equity investors, with CrossFirst Bank providing a credit facility.

Gridiron Capital has made a growth investment in Cubii, a Chicago-based direct-to-consumer maker of compact seated ellipticals and connected wellness products. The founders and management will remain significant owners while Gridiron will support expansion into new channels, product categories and digital/analytics capabilities to accelerate growth.

Funds managed by Blackstone Tactical Opportunities have acquired a majority stake in ZO Skin Health, the Irvine, California–based physician-dispensed skincare brand founded by Dr. Zein Obagi. The investment will provide ZO with additional resources to support global growth; financial terms were not disclosed.

ICON Health & Fitness announced a $200 million growth investment led by L Catterton, with existing investor Pamplona Capital Management also participating. The funding will accelerate growth of ICON’s connected fitness business — including brands NordicTrack, ProForm and Freemotion — and expand its iFit subscription platform.

St. Cloud Capital has made an investment in Dallas-based Lash OpCo, LLC ("LashCo") to support an add-on acquisition by sponsor Gauge Capital and to refinance existing debt. The investment comes from St. Cloud's third fund and will help expand LashCo's branded beauty product business, which sells direct-to-consumer and wholesale through prestige beauty retailers.

BU Bregal Unternehmerkapital has made a significant minority growth investment in Austrian children's bicycle maker woom to support the company's internationalisation, digitalisation and capacity expansion. The founders Christian Bezdeka and Marcus Ihlenfeld will remain majority owners; several private co-investors including Runtastic founder Florian Gschwandtner also participated. woom (headquartered in Klosterneuburg, Austria) employs about 100 people and plans an additional production site in Europe to meet strong demand.