Tengram Capital Partners announced that it has closed on the acquisition of the hair care and skin cleansing business of High Ridge Brands Co, establishing a new platform investment for Tengram in a consumer-focused hair and skin category.
Tengram partnered with Hilco, Inc., an affiliate of Hilco Global to acquire the Company.
The acquired portfolio includes iconic brands such as Zest, Alberto VO5, 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 Tengram Capital. 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.”
William 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 consumer space.”
Dechert served as Tengram’s legal counsel and Hilco Global provided valuation and strategic transition advisory services during the transaction in addition to serving as an investment partner.