Consumer Products Acquisitions in 2023

Shiseido Company, Limited, through its subsidiary Shiseido Americas Corporation, has completed the acquisition of DDG Skincare Holdings LLC, owner of the Dr. Dennis Gross Skincare brand. The purchase adds a dermatologist-led, prestige skincare brand to Shiseido's portfolio to accelerate growth and diversify its Americas business.

University Games, a San Francisco–based game and puzzle publisher, has acquired The Learning Journey International, an award-winning maker of educational, sensory, electronic, and construction toys based in Phoenix, Arizona. The Learning Journey's founders JB and Debbie Frere will remain in management; University Games said the deal expands its educational product portfolio and retail distribution worldwide.

Rapala VMC Corporation purchased the remaining 40% stake in DQC International, the owner of the 13 Fishing rod and reel brand, from James Coble, bringing the brand fully into Rapala's ownership. Rapala said it will consolidate 13 Fishing into Rapala USA to strengthen its position in the U.S. rod and reel market and leverage its global manufacturing, purchasing and distribution capabilities.

Hildred Capital Management has agreed to acquire Hello Bello, a premium yet affordable baby and family care brand, through a Chapter 11 sale process. Hildred will transition Hello Bello into its portfolio under Hyland's Naturals to build a larger pediatric consumer health platform and accelerate manufacturing, distribution, and growth.

VPR Brands LP acquired the assets of CARTDUB, including its trademark, patent-pending technology, and website, to incorporate CARTDUB's oil-recovery tools into VPR’s portfolio of vaping and cannabis accessories. The acquisition is intended to expand VPR Brands' product capabilities and bring CARTDUB's U.S.-made recovery tools to a wider market; CARTDUB was founded in 2021 by Cliff Thomason, who is named as the inventor and seller.

GT Golf Supplies, a Kinzie Capital Partners LP-backed wholesale golf distributor, has acquired The ProActive Sports Group, a Canby, Oregon-based national golf accessories distributor. The deal adds ProActive's Oregon distribution facility as a fourth DC, broadens GT Golf's product portfolio (including Clicgear, Rovic and Tempercraft lines), and expands the combined company's national footprint and e-commerce capabilities.

Midwest Trading Group (MTG), a private-equity-backed consumer electronics distributor based in Chicago, has acquired TYLT, a mobile phone accessories brand known for wireless chargers, portable power and MagSafe-compatible products. The deal expands MTG’s product portfolio and distribution capabilities, enabling increased inventory capacity, wider customer reach and continued support for TYLT’s product development and customer service.

Rubelmann Capital, a middle-market private equity firm, has acquired John A. Van Den Bosch Co., a fifth-generation pet products distributor and manufacturer of Nature's Window wild bird seed. David Blatte, former CEO and Chairman of Quaker Pet Group and WorldWise Inc., partnered with Rubelmann and will serve as Chairman; current CEO Joel DeBruin will remain in place.

Global home-furnishings company Surya has purchased Salt Lake City-based outdoor furniture seller RST Brands as a going-concern following a turnaround led by Tiger Group’s Advisory Services. The acquisition expands Surya’s outdoor furnishings capabilities and market share; RST sells direct-to-consumer and through major retailers and marketplaces including Wayfair, The Home Depot, Costco, Target, Lowe’s and Amazon.

An affiliate of Nexus Capital Management LP has completed the acquisition of substantially all assets of MAV Beauty Brands Inc., a Toronto-based personal care and hair care platform. Nexus said it will partner with CEO Serge Jureidini and the existing management team to pursue a refreshed capital structure, product innovation, expanded retail partnerships and renewed growth.

WITHit, a U.S. wearable tech and reading accessory maker, has acquired Mighty Bright, a Santa Barbara–based maker of portable LED reading lights and related accessories. The deal expands WITHit's reading accessory product lineup and preserves Mighty Bright's brand as founder/CEO Roger Edgar retires.

Two Roads Advisors represented WeCool Toys (maker of Compound Kings slime and compounds) in its sale to Paladone, a portfolio company of private equity firm IVEST Consumer Partners, announced in November 2023. The acquisition brings WeCool's slime, compounds and related toy product lines into Paladone's global gift and novelty portfolio.

Thélios, the eyewear division of LVMH, has acquired Barton Perreira, a luxury eyewear brand based in Irvine, California. The acquisition expands Thélios’ luxury eyewear portfolio and will support Barton Perreira's geographic expansion into Europe and Asia while the brand's founders remain in leadership roles.

Orlandi, Inc. has acquired the consumer products sampling and fragrance coatings business of Tennessee-based Aroma Release Technology, Inc. The deal transfers ART's sampling and fragrance coatings product line to Orlandi and includes a new Orlandi lease in Chattanooga to support ongoing manufacturing and laboratory operations.

Pharmavite LLC has acquired Bonafide Health for $425 million, expanding its women's health portfolio alongside brands such as Uqora and Equelle. Bonafide Health will continue to operate from its Harrison, New York headquarters and the deal strengthens Pharmavite's position in science-backed nutraceuticals for menopause and women's health.

Movement Climbing, Yoga, and Fitness has acquired The Cliffs Climbing + Fitness, bringing The Cliffs' New York and Philadelphia gyms into Movement's nationwide network. The deal expands Movement's East Coast footprint and adds several large NYC and Pennsylvania facilities, including The Cliffs at Gowanus and The Cliffs at Callowhill.

Norwest Equity Partners (NEP) has acquired United Sports Brands (USB), a portfolio of sporting goods and active lifestyle brands including Shock Doctor, McDavid, Cutters, Nathan, PEARL iZUMi, and Glukos. The transaction closed on November 20, 2023; financial terms were not disclosed. NEP said it will invest capital and resources to strengthen USB’s core business and expand its international presence; USB was previously owned by Bregal Partners.

Seoul-based private equity firm VIG Partners acquired a 100% stake in The Skin Factory, the maker of the Kundal personal-care brand, in May 2021 for roughly 150–200 billion won. VIG plans to accelerate product-line expansion and overseas growth (especially in Southeast Asia); Kundal has rapidly scaled online and recorded roughly 120–130 billion won in sales around 2020–2022.

Minneapolis-based clean hair care brand Odele has received a minority growth investment from Stride Consumer Partners to fund marketing, talent and product innovation. The founders remain majority shareholders as Odele continues rapid retail and DTC expansion (available at Target, CVS and Ulta) following strong year-over-year growth.

The Riverside Company has acquired Frenchies Modern Nail Care, a Littleton, Colorado–based franchisor of nail salons with more than 20 locations across multiple U.S. states. Riverside said the acquisition complements its franchising platform strategy — adding a personal care/beauty brand that can be scaled via franchise sales, marketing and geographic expansion (noted as a natural addition to Bishops Cuts/Color).

Banyan Capital Partners has acquired Second Nature Designs Limited, a Hamilton, Ontario-based manufacturer and distributor of dried florals and home décor products. Founder and president Steve Koning and the management team will retain a minority ownership as Banyan partners with the company to pursue growth across North America.

AURELIUS has agreed to acquire The Body Shop International Limited from Natura &Co for a purchase price valuing the business at £207 million (including a £90m earn-out). The acquisition, expected to close in December 2023, will see AURELIUS work with The Body Shop management to drive operational improvements and re-energise the global beauty and personal care brand.

An affiliate of Centre Lane Partners completed the acquisition of the Appliances Division of Instant Brands on November 8, 2023, acquiring the maker of the Instant Pot out of Instant Brands' Chapter 11 process. The transaction, financed by MidCap Financial and advised by Jones Day, provides a recapitalization for the division and positions Instant Brands Appliances (headquartered in Downers Grove, Illinois) for product and growth initiatives under Centre Lane ownership.

General Mills, through its growth equity arm Gold Medal Ventures, has acquired Fera Pets, a veterinarian-founded pet supplement brand. The deal is the first acquisition by General Mills' new growth equity fund and expands the company's pet portfolio into the pet supplement category.

Full Sail IP Partners, an intellectual property investment firm backed by Warburg Pincus, has acquired the Revere Ware brand from Instant Brands. Full Sail plans to rebuild and expand the Revere Ware product line through strategic licensing partnerships, a new website and increased retail and e-commerce presence.

Vivify Specialty Ingredients, a portfolio company backed by Gryphon Investors' Heritage Fund, acquired Access Ingredients, a distributor of specialty surfactants and active ingredients for the personal care industry. Access owner Trudi Leung will remain as Managing Director and roll over a meaningful stake; the deal expands Vivify's personal care and cosmetics offerings, adds a West Coast distribution facility, and represents an add-on to Vivify's Sandream Specialties division. Financial terms were not disclosed.

Central Garden & Pet (NASDAQ: CENT) has acquired TDBBS, LLC — the owner of Best Bully Sticks, Barkworthies and Paw Love — from private equity firm Bregal Partners. The Richmond, Virginia–based natural dog chews and treats business bolsters Central’s dog treats and chews portfolio and strengthens its eCommerce and digital capabilities; the transaction closed on November 3, 2023.

Piper has invested £7 million into wellness supplements brand Ancient + Brave in a transaction composed of £3m primary capital and £4m secondary share purchases. The funding will support product development, team growth and expansion of the brand’s digital and retail presence across the UK and Europe while founder Kate Prince remains CEO.

Fox Factory Holding Corp. completed the acquisition of Wheelhouse Holdings, Inc., the parent of Marucci Sports LLC, from Compass Diversified for an enterprise value of $572 million. The deal, which closed in November 2023, brings Marucci's premium baseball and softball brands into FOX's Specialty Sports Group to drive revenue diversification, engineering and sourcing synergies, and expanded end-market reach.

Society Brands has acquired Club EarlyBird, a direct-to-consumer morning energy drink brand founded by Chuckie and Shelby Gregory. The deal brings the fast-growing DTC beverage into Society Brands' portfolio to scale distribution, operations and marketing while the founders remain with the business.

Nexus Capital Management will acquire a 65% majority stake in Dollar Shave Club from Unilever, with Unilever retaining a 35% minority holding. Financial terms were not disclosed; the transaction is expected to close this year subject to customary conditions. Nexus said it will invest in marketing, product innovation and use Dollar Shave Club as a platform for additional brands.

Carlin Consumer Health, a PE‑sponsored consumer health platform, has acquired Infirst USA Holdings, LLC, the parent of Infirst Healthcare Inc., the marketer of Mylanta and Mylicon under license from McNeil Consumer Pharmaceuticals. Infirst will become a wholly owned subsidiary of Carlin; the company is based in Westport, Connecticut and ships from a warehouse in Plainfield, Indiana. Financial terms were not disclosed.

Steven Madden, Ltd. (Steve Madden) completed the acquisition of privately held Almost Famous, a designer and marketer of women's apparel, for $52 million in cash plus an earn-out. Almost Famous reported approximately $163 million of revenue for the 12 months ended September 30, 2023 and sells through wholesale channels (mass merchants, department stores, off-price retailers and chain stores) in the United States.

All-In Nutritionals, a Springfield, Ohio-based natural supplements company, acquired Agape Herbals LLC, a Salt Lake City herbal supplements maker, in an all-cash asset purchase finalized in September. The deal expands All-In Nutritionals' product portfolio and brings Agape's gut-health and immunity product lines and R&D talent into the buyer's manufacturing and product development operations.

In October 2023, Vexilar and AWC Distributing (d/b/a K-Drill) — two Bloomington, Minnesota-based companies that develop and sell ice-fishing products — were sold 100% to investor Rob Jablonski and financial buyer Valiant Wealth. Cherry Tree advised the companies and their shareholders on the sale, which transfers ownership while aiming to preserve the businesses’ product lines, customer service and employee environment.

Funds advised by Apax Partners LLP have completed the acquisition of Bazooka Candy Brands from The Tornante Company and funds affiliated with Madison Dearborn Partners. Apax plans to support Bazooka's growth by focusing on distribution expansion, product innovation, geographic expansion, and strategic acquisitions while promoting Tony Jacobs to CEO.

FitLife Brands, Inc. (Nasdaq: FTLF) closed on October 10, 2023 the acquisition of substantially all of the assets of MusclePharm Corporation via a Section 363 bankruptcy asset purchase for approximately $18.5 million in cash. The purchase — financed with a $10.0 million term loan from First Citizens Bank and FitLife’s cash — transferred MusclePharm’s brands and assets to FitLife while FitLife assumed none of MusclePharm’s liabilities except de minimis cure costs.

NFI, LLC, the owner of the Blue-Emu brand, has acquired the Bikini Zone skincare brand from CCA Industries. The deal adds Bikini Zone's bikini-area grooming product line to NFI's portfolio and is intended to expand NFI's personal care offerings and distribution reach.

Ladybug Resource Group, Inc. (OTC PINK: LBRG) announced the acquisition of Growhouse Nutraceuticals Ltd., a sports nutrition and nutraceutical supplements company. Growhouse reported $2.7 million in revenue for the year ended December 31, 2022 and $2.4 million in revenue growth through July 30, 2023; Ladybug said the acquisition will leverage Growhouse's products, MACH scaling architecture, and customer retention capabilities to drive revenue growth for shareholders.

BMI Merchandise, backed by KLH Capital, has acquired Peek-a-Boo Toys of Cinnaminson, New Jersey. The acquisition adds Peek-a-Boo's plush toy designs to BMI's catalog, expanding BMI's product offering and enabling entry into new end markets within the family entertainment and amusement sectors.

Sanofi has completed the acquisition of Qunol, a U.S.-based vitamins and supplements brand, to strengthen its Consumer Healthcare (CHC) portfolio in the Vitamin, Mineral and Supplements (VMS) category. The deal adds Qunol's CoQ10 and Turmeric offerings—targeting heart and joint health—to Sanofi's U.S. consumer health lineup and supports expansion into the healthy-aging segment.

Fiskars Group has agreed to acquire Investcorp's majority stake in Georg Jensen, the Danish design house known for jewellery and home products. The transaction transfers ownership from private equity firm Investcorp to Fiskars, bolstering Fiskars' premium brands and supporting Georg Jensen's further DTC, e-commerce and international expansion.

Townsend Street Capital, in partnership with HighGrove Companies, has acquired a controlling interest in Spire Collective (dba Spire), a Troy, Virginia-based designer and engineer of outdoor gear storage and garage organization products. Midwest Mezzanine Funds and Oxer Capital provided subordinated/unitranche debt financing and also co-invested alongside the sponsors; Spire’s founders and management will remain in leadership and retain a meaningful ownership stake to support the company’s next phase of growth.

American Exchange Group (AXNY Group) has acquired long-standing jewelry maker Danecraft, including its Primavera Italy brand. The acquisition will expand AXNY's jewelry portfolio and leverage its sourcing, logistics and marketing capabilities to broaden Danecraft's product range and distribution — including planned direct-to-consumer channels.

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) agreed to acquire BlueSky Wellness Inc. in an all-stock transaction that will add a portfolio of plant-based wellness CPG brands (Keoni, Keoni Sport, Blush Wellness, AMMA Healing) and e-commerce capabilities. BlueSky shareholders will receive 3.5 million Lucy shares plus up-to-five-year EBITDA-based earnouts; Lucy expects the combined transactions with its High Times IP acquisition to add at least $30 million in revenue and $10 million of EBITDA in the first 12 months.

HPH III Investments, LP, a fund managed by WM Partners, has acquired a majority control position in Prime6 Brands GmbH, the owner of DTC supplement brand Primal Harvest and skincare brand BeautyLux. The acquisition supports HPH III's buy-and-build strategy in the natural consumer health sector to scale Prime6's DTC capabilities and expand across North America and Europe; terms were not disclosed.

Krystal Growth Partners has made a strategic growth investment in Stonz Wear Inc., the Vancouver-based maker of all-weather children’s footwear and apparel. The capital will support Stonz’s plans to solidify its position in Canada and accelerate expansion into the United States.

VitaNatural USA Inc. completed the acquisition of dietary supplement brand Vitamin Bounty. The purchase brings a digitally-native portfolio with retail distribution into VitaNatural's wellness platform, with the combined management team aiming to expand product assortment, marketing and distribution across e-commerce and grocery channels.

Investcorp has sold its stake in publicly listed Safari Industries, exiting its investment made in February 2021. The firm realized INR 285 crore (3.8x MOIC) across three tranches over the past year, delivering an IRR in excess of 100% after supporting Safari’s capacity expansion and retail footprint growth.

Consortium Brand Partners (CBP), a consumer-focused investment manager, has acquired approximately a 70% majority ownership stake in Draper James, the fashion and lifestyle brand founded by Reese Witherspoon. Reese Witherspoon will remain a partner and board member and Draper James' existing management team will continue to lead operations as CBP supports expansion of product offerings, retail and wholesale distribution domestically and internationally.