Gryphon Investors acquires majority stake in C. B. Fleet Co.

LYNCHBURG, Va. — Gryphon Investors, a San Francisco-based middle market private equity firm, announced Monday that it has acquired a majority stake in C. B. Fleet Co. Fleet’s management team, along with several additional investors, will hold minority stakes alongside Gryphon. 

 

Fleet Labs, headquartered in Lynchburg, Va., and family-owned since its founding in 1869, operates in the personal healthcare and over-the-counter industry with product lines including Summer’s Eve, Fleet, Norforms, Pedia-Lax, Phazyme and Boudreaux’s. The company has a presence in North America, Asia Pacific and Latin America. 

 

Terms of the deal were not disclosed.

 

“Fleet Laboratories has a commanding position in the OTC and personal healthcare product areas, which we have closely followed for several years," stated Dennis O'Brien, a partner at Gryphon. "We believe the OTC sector is poised for continued expansion as consumers migrate toward more economical non-prescription products and that Fleet has unique and differentiated capabilities to serve these markets. Additionally, the company’s strong brand advantage in the personal healthcare segment under the leading feminine hygiene brand, Summer’s Eve, is a springboard for strong future growth.”

 

As part of the transaction, Steve LaMonte, a Gryphon advisor and a senior executive in both OTC and personal healthcare businesses who has held leadership positions at Johnson & Johnson, Pfizer and Schering-Plough, will become chairman of the board. CEO Jeff Rowan and the existing management team will remain with the company.

 

"Fleet Laboratories has a long history of innovation and responsiveness to customer needs, which is coupled with a growing acceptance and awareness of OTC and personal healthcare products among consumers, resulting in a well-run company with a bright future," commented Keith Stimson, also a Gryphon partner. "We welcome Jeff and his team and look forward to working with them on the growth initiatives that will allow Fleet to continue to deliver exceptional results and reach its full potential as a leading player in its industries. Fleet Laboratories is a true platform that provides an excellent opportunity from which to make numerous add-on acquisitions in desirable categories.”

 

Houlihan Lokey acted as exclusive financial advisor to Gryphon and TM Capital acted as exclusive financial advisor to Fleet on the transaction. Kirkland & Ellis acted as legal advisor to Gryphon and Hunton & Williams and Edmunds & Williams were the legal advisors to Fleet Labs.