FORT COLLINS, Colo.--(BUSINESS WIRE)--EG Capital Group, LLC (“EG Capital”), a New York-based middle market private equity firm focused on the consumer products sector, today announced the acquisition of the Personal Healthcare Products business (“Water Pik” or the “Company”) of Water Pik Technologies, Inc. (“WPTI”) by one of its affiliates. WPTI is the parent corporation of Jandy Pool Products, a leading developer, manufacturer and marketer of quality swimming and spa products and is jointly owned by The Carlyle Group, a leading global private equity firm, and Zodiac S.A., a leading French aerospace and pool equipment products manufacturer.
Water Pik is a leading developer, manufacturer and marketer of personal health care products, including Waterpik® branded dental water jets and showerheads, and professional dental products. As part of the transaction, WPTI will be renamed Jandy, Inc. (“Jandy”) and The Carlyle Group, through its ownership of Jandy, will retain a meaningful minority ownership interest in the Company.
Jay Eastman, a founder and principal of EG Capital, stated, “Water Pik holds a leading market position in both the dental water jet / oral irrigator and replacement showerheads categories. Waterpik® is a widely recognized consumer brand and is an industry leader with a strong management team. We plan on assisting the Company to implement a growth strategy through new product introductions and continue to strengthen the Company’s relationships with leading North American and international retailers.”
Richard Bisson, President and CEO, Water Pik said, “The Company is entering an exciting new stage of its development with a robust product portfolio and new product pipeline, a revitalized consumer-focused marketing strategy, and a strategic move to a variable, outsourced cost structure, all of which have resulted in success with our retail customers. We are excited to work with our new partners at EG Capital, whose focused, hands-on approach and strong knowledge and experience within the consumer products sector will greatly benefit the business going forward, and to continue our relationship with The Carlyle Group.”
Franck Falezan, Managing Director with The Carlyle Group, said, “We are delighted to be able to continue our relationship with Water Pik. The Company’s management has, in a short period of time, generated significant revenue, profit and cash flow momentum for the business. The Carlyle Group is looking forward to working with EG Capital to continue to grow and enhance the business.”
Boies, Schiller & Flexner LLP acted as legal advisor to EG Capital and Credit Suisse acted as sole arranger and sole bookrunner on the transaction. Mercanti Securities, LLC acted as financial advisor and McGuireWoods LLP acted as legal advisor to WPTI.
About Water Pik
Water Pik is located in Fort Collins, Colorado, and is a leading developer, manufacturer and marketer of personal health care products, including dental water jets and showerheads under the Waterpik® brand, and professional dental products. Consumers can find additional information about Waterpik® products by consulting their local retailers or by visiting the web at www.waterpik.com.
About EG Capital Group
EG Capital is a private equity firm based in New York. The firm is focused on buy-outs of, and growth capital for, small and medium sized companies with strong management primarily in the consumer products sector in both the United States and Canada. The firm was founded in 2003 and has experience with a variety of transaction types and structures including traditional leveraged buyouts, carve-outs and subsidiary divestitures, restructurings, turn-arounds, platform acquisitions, real-estate financing, and sale / leaseback arrangements.
About Jandy Pool Products
Jandy Pool Products is a leading developer, manufacturer and marketer of swimming pool and spa equipment, including heaters, heat pumps, electronic controls, chlorine generators, valves, pumps, filters, automatic pool cleaners, and water features, primarily under the Jandy® brand name. Jandy's pool and spa products are sold to distributors, pool builders, dealers and specialty pool retailers. Consumers can find additional information about Jandy® products by consulting their local pool builders, retailers and service companies or by visiting the web at www.jandy.com and www.air-energy.com.
About The Carlyle Group
The Carlyle Group is a global private equity firm with $56.0 billion under management. Carlyle invests in buyouts, venture & growth capital, real estate and leveraged finance in Asia, Europe and North America, focusing on aerospace & defense, automotive & transportation, consumer & retail, energy & power, healthcare, industrial, technology & business services and telecommunications & media. Since 1987, the firm has invested $26.4 billion of equity in 601 transactions for a total purchase price of $126.5 billion. The Carlyle Group employs more than 780 people in 18 countries. In aggregate, Carlyle portfolio companies have more than $68 billion in revenues and employ more than 200,000 people around the world. Visit www.carlyle.com for additional information.