CHICAGO--(BUSINESS WIRE)--Feb. 10, 2004--GTCR Golder Rauner (GTCR), one of the nation’s leading private equity firms, today announced it teamed with Peter Mann and his management team to buy Medtech Inc. Citigroup Global Markets, Inc. served as the exclusive financial advisor to GTCR; Vinson & Elkins and Kirkland & Ellis provided legal counsel. Merrill Lynch Capital, GTCR Capital Partners LP, and TCW/Crescent Mezzanine provided the debt financing for the transaction.
Medtech is a leading marketer and distributor of over-the-counter pharmaceuticals and personal care products including such leading brands as New-Skin(R) liquid bandages, Cutex(R) nail polish removers, Compound W(R) wart removers, Denorex(R) medicated dandruff shampoos and Dermoplast(R) pain-relieving spray. Headquartered in Irvington, New York, Medtech distributes its wide variety of products to drug stores, food stores, mass merchandisers, and hospitals in the U.S. and Canada. The company was formed in 1996 as a joint venture of Medtech Labs and The Shansby Group to acquire 11 brands from American Home Products.
GTCR is partnering with Peter Mann, Medtech’s president and chief executive officer. “We’re very excited to acquire Medtech and work with Peter Mann and his team, who are leaders in the personal care, OTC pharmaceuticals and household products consumer businesses,” said GTCR Principal Vincent Hemmer. “Peter has an outstanding track record of building successful companies through acquisition including Medtech and Block Drug Company. Our investment in Medtech is another example of GTCR’s investment strategy of proactively finding and backing exceptional executives who are leaders in their industry.”
Hemmer added that Medtech provides a platform to support GTCR’s continued growth in the consumer products sector. “This acquisition reflects GTCR’s commitment to the consumer products industry,” Hemmer said. “Medtech has an excellent track record of profitable growth through brand innovation and acquisitions. Their success in acquiring, integrating and innovating well-known brands is indicated by 14 brand acquisitions since 1996. We’re very excited about partnering with Medtech to build on its strong presence in over-the-counter health care and beauty products.”
“Medtech’s management team and employees are very pleased about the opportunity to partner with GTCR to build on our success of the past eight years,” said Medtech CEO Peter Mann. “GTCR’s financial support and depth of experience will be invaluable as we continue to grow in the consumer products industry.”
About Medtech
Medtech is a leading marketer and distributor of well-recognized health and beauty care products in the U.S. and Canada. Medtech distributes health and beauty care products for every-day concerns including muscle and back pain, headaches, foot care, skin care, and pain from scrapes, sunburn and insects. Its platform of well-known brands includes Compound W(R), Denorex(R), Cutex(R), New-Skin(R), Dermoplast(R), Momentum(R), and Percogesic(R). Medtech is headquartered in Irvington, New York, with sales and distribution facilities in northern New Jersey. For more information, visit www.medtechinc.com.
About GTCR Golder Rauner, LLC
Founded in 1980, GTCR Golder Rauner is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to build leading companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. For more information, visit www.gtcr.com.
Contacts
GTCR Golder Rauner Vincent Hemmer, 312-382-2242 or
Weber Shandwick Jim Holland, 312-640-6778
