SAN FRANCISCO, CA
SAN FRANCISCO, CA, October 14, 2008 – TSG Consumer Partners LLC ("TSG"), the leading private equity investor in branded consumer companies, announced today the sale of its portfolio company, Meguiar’s, Inc., manufacturer of the leading Meguiar’s brand of car care products for cleaning and protecting automotive surfaces, to 3M.
"Working with the company’s strong management team, we were pleased to be able to actively contribute to driving the company’s recent growth," said TSG partner James L. O’Hara. "Meguiar’s executed on the strategy of launching innovative new products into both its core wax and adjacent car appearance categories like wheel and tire care while expanding distribution in Wal-Mart and Target where auto enthusiast consumers are increasingly shopping.
Meguiar’s represents our sixth exit in the past 24 months in which we sold to a strategic buyer for cash and the aggregate enterprise value of such companies increased from approximately $330 million at the time of our investment to over $3.4 billion at exit," Mr. O’Hara added. "What each of these companies has had in common has been a premium brand position created through products which deliver real differentiated benefits to consumers. Each also benefited from strong entrepreneurial-driven management teams and the hands-on investment approach that is one of our firm’s hallmarks."
Terms of the transaction were not disclosed.
ABOUT TSG CONSUMER PARTNERS LLC
TSG Consumer Partners, LLC is a leading investment firm with
approximately $5 billion of assets under management, focused
exclusively on the branded consumer sector. Since its founding
in 1987, TSG has been an active investor in the food, beverage,
restaurant, beauty, personal care, household and apparel & accessories,
and e-commerce sectors. Representative past and present partner
companies include Duckhorn Wine Company, vitaminwater, thinkThin,
popchips, Muscle Milk, Yard House, Stumptown, Pabst, Planet Fitness,
REVOLVE, PAIGE, Smashbox Cosmetics, Pureology, Sexy Hair, e.l.f. Cosmetics
and IT Cosmetics.
Meghan Gavigan / Dan Goldstein
Sard Verbinnen & Co
Meghan Gavigan - 212.687.8080
Dan Goldstein - 310.201.2040