Harris Williams & Co. Advises Water Pik, Inc. in its Sale to MidOcean Partners and Vulcan Capital

Harris Williams & Co. Continues Momentum with Branded Consumer Products
July 9, 2013

Harris Williams & Co., a preeminent middle market investment bank focused on the advisory needs of clients worldwide, announces the sale of Water Pik, Inc. (Water Pik), a leading innovator and marketer of oral health and replacement showerhead products, to MidOcean Partners (MidOcean) and Vulcan Capital.  Water Pik was a portfolio company of EG Capital Group, LLC (EG Capital) and The Carlyle Group (NASDAQ: CG).  Harris Williams & Co. acted as the exclusive financial advisor to Water Pik.  The transaction closed on July 8, 2013, and was led by Tim Alexander, John Neuner, Ryan Budlong and Brett Morris from the firm’s Consumer Group. 

“Water Pik is a remarkable consumer products platform with an exceptional track record of growth and an outstanding management team,” said Tim Alexander, a managing director at Harris Williams & Co.  “It has been a pleasure working with Richard Bisson and his team to find a new partner who shares the company’s vision for continued market penetration and growth.”

“The transaction highlights investors’ appetite for high-quality consumer product companies. We expect the ongoing economic recovery will continue to drive M&A activity in the sector, especially acquisitions of strong brands with differentiated products and deep customer relationships,” added John Neuner, a managing director at Harris Williams & Co.

Water Pik is a leading developer and marketer of innovative personal healthcare products sold under the Waterpik® brand name.  The company has developed and introduced many products that are considered the first of their kind and have led to the formation of new product categories, including the water flosser and the pulsating shower head.  Water Pik products are sold through a variety of channels, including mass-merchandisers, drug store chains and specialty retailers.  Water Pik was founded in 1962, and is headquartered in Fort Collins, CO.

EG Capital is a private equity firm based in New York City. The firm is focused on buyouts of, and growth capital for, small and medium sized companies with strong management in attractive industries in both the United States and Canada.  EG Capital targets established and profitable businesses, primarily in the consumer products industry (e.g. food, beverage, personal care and household products, retail and restaurants) and teams with operators to create significant value for all parties.  EG Capital is focused, hands-on and highly involved, applying financial and strategic skills for its portfolio companies.

Founded in Washington, DC in 1987, The Carlyle Group is a global alternative asset manager with more than $176 billion in assets under management across 114 funds and 76 fund of funds vehicles.  The Carlyle Group invests across four segments: Corporate Private Equity, Real Assets, Global Market Strategies and Solutions.  The company has expertise in various industries, including aerospace, defense and government services; consumer and retail; energy; financial services; healthcare; industrial; technology and business services; telecommunications and media and transportation.  The Carlyle Group employs more than 1,400 professionals in 34 offices across six continents.

Headquartered in New York, MidOcean is a premier private equity firm focused on the middle market.  MidOcean is committed to investing in high quality companies with stable market positions and multiple opportunities for growth.  The firm targets consumer, business and media services and industrial services sectors.

Vulcan Capital was formed in 2003 and is headquartered in Seattle, WA.  The firm serves as the investment arm of Vulcan Inc., the company founded by Paul G. Allen to manage his philanthropic and business endeavors.  Vulcan Capital invests across all stages of corporate development through start-up and early-stage companies, growth equity, leveraged buyouts and distressed situations, as well as investing in public equities and other liquid asset classes. Vulcan Capital’s current portfolio spans a range of industry sectors, including technology, life sciences, energy and natural resources, media and communications and financial and information services.