FUND NEWS
Tengram Capital Partners Announces Closing of High Ridge Brands' Haircare and Skin Cleansing Assets
New York, NY - April 2, 2020 - Tengram Capital Partners ("Tengram") announced today that it has closed on the acquisition of the hair care and skin cleansing business of High Ridge Brands Co. ("High Ridge" or the "Company"), establishing a new platform investment for Tengram in a consumer-focused hair and skin category.
The acquired portfolio includes iconic brands such as Zest®, Alberto VOS®, Coast®, White Rain®, LA Looks®, Zero Frizz®, Rave®, Salon Grafix® and Thicker Fuller Hair®, among others. These assets build upon and broaden Tengram's existing beauty and wellness portfolio.
Jim Daniels, President and CEO of High Ridge, said: "We are excited to be closed on this transaction and focused on running our business with both Tengram Capital and Hilco Global as investors. While we are in unprecedented times, our strategy is clear and focused. We plan to reinvest in our team, strengthen the relationships across our supply chain, and ensure that customer service is once again priority one. Further, as the country unites to fight the Coronavirus, we plan to step up and do our part as well. This means ensuring that our supply chains remain efficient and our soap products specifically are getting into the hands of consumers and those medical providers on the front lines."
Bill Sweedler, Co-Founder and Managing Partner at Tengram, added: "The closing of the acquisition of High Ridge's haircare and skin cleansing brands begins a new chapter for the company; zero debt, cash on the balance sheet, along with unlevered working capital provides the ammunition to re-establish its market position and pursue large scale growth opportunities. Despite greater global economic uncertainty today, our brands are core to our customers and thus well positioned to build momentum as we invest in product development and marketing, re-establishing High Ridge Brands as a leader in the hair and skin beauty sector."
Dechert served as Tengram's legal counsel and Hilco Global provided valuation and strategic transition advisory services during the transaction.
About High Ridge Brands:
High Ridge Brands, headquartered in Stamford, Connecticut, is one of the largest independent branded personal care companies in the United States by unit volume with a mission to craft extraordinary experiences for savvy consumers. Today, High Ridge Brands has a portfolio of over thirteen trusted brands, serving primarily North American skin cleansing, hair care markets, including Zest®, Alberto VOS®, Coast®, White Rain®, LA Looks®, Zero Frizz®, Rave, SGX®, Salon Grafix®, and Thicker Fuller Hair®. For more information, please visit www.highridqebrands.com.
ABOUT TENGRAM CAPITAL PARTNERS:
Tengram Capital Partners is a private equity firm exclusively focused on investments in leading middlemarket consumer companies that own strong recognizable brands. The team has a diverse background of consumer investing and operating expertise that assists and guides company management to unlock the true potential of their brands. Tengram invests in both traditional "growth" and "restructuring/turnaround" situations in each of the public and private sectors. Other Tengram investments, current and past, include Centric Brands, Algenist, Lime Crime Beauty, Revive, Tommie Copper, DevaCurl, NEST Fragrances, Sequential Brands Group, and El Cap. Additional information can be found at: http://www.tengramcapital.com.