Supplier News Breaks Archives
Investment firm buys Zest soap brand from P&G
January 5th, 2011
GREENWICH, Conn. – The Zest soap brand has been sold by Procter & Gamble Co. to High Ridge Brands Co., a newly formed portfolio company of private equity firm Brynwood Partners VI LP.
Brynwood said Tuesday that High Ridge Brands purchased the rights to the Zest bar soap and body wash brand in the United States, Canada and the Caribbean markets. The company will be based in Stamford, Conn., and Brynwood has majority ownership of the company.
Financial terms of the transaction weren't disclosed.
"We are delighted to announce the acquisition of the Zest brand," commented Dario Margve, nonexecutive chairman of High Ridge Brands and managing partner at Brynwood VI. "We believe that this will be a great new platform investment for our firm and look forward to not only bringing renewed attention and energy to the great Zest brand but to also adding complementary brands to the company in the future."
According to the company, the nearly 60-year-old Zest brand remains a household name and is well-known for its unique fragrances, great lather and "Zestfully Clean" advertising campaign. Zest's products are widely distributed in the acquired markets and remain very popular among consumers.
"We are excited to be investing in the personal care space again as this has proven to be a very good area for our firm," stated Hendrik Hartong, senior managing partner at Brynwood Partners. "We are pleased to have Dario Margve overseeing this investment for Brynwood VI and have high confidence that he and the management team will put the Zest brand on a growth track again."