MidOcean Partners Announces Sale of Water Pik to Church & Dwight for Approximately $1 Billion
MidOcean Partners, a premier middle market private equity firm focused on consumer and business services, today announced that
it has signed a definitive agreement, to sell Water Pik, Inc. (“Water Pik” or the “Company”), a leading innovator, marketer and
distributor of branded oral health products and replacement showerheads, to Church & Dwight Co., Inc., (NYSE: CHD), a global
producer and marketer of personal care, household and specialty products under the Arm & Hammer brand name and other well-known
trademarks, for approximately $1 billion in cash. The transaction is expected to close in the third quarter of 2017, subject to
customary closing conditions and regulatory approvals.
Water Pik is the #1 water flosser brand and the #1 replacement shower head brand in the U.S. Water Pik’s branded oral health
business offers a complete line of products, including its market leading line of water flossers, a water flosser and powered
toothbrush combination product line and a full line of professional dental products. Water Pik’s replacement showerhead business is
an innovative market leader that leverages its technology across a broad array of platforms, including EcoFlow (water conservation)
and EasySelect (adjustable in-handle water pressure and spray selection). Water Pik’s products are marketed in the U.S. and Canada
and exported to over 80 countries.
MidOcean has extensive experience in the branded consumer products space and was attracted to Water Pik’s leading position in a
fundamentally attractive market with a category-defining, dominant brand when it, along with Vulcan Capital and Northwestern
Mutual, acquired Water Pik in July 2013. During MidOcean’s ownership, WaterPik generated significant organic growth in both revenue
and EBITDA. The Company greatly increased Water Flosser penetration in North America through new product development and
innovations; dental professional marketing efforts, including the expansion of the Lunch-and-Learn program; the launch of a Water
Flosser DRTV campaign; and, international expansion plans with a number of key customers.
Jonathan Marlow, Managing Director at MidOcean focused on the consumer space added, “Water Pik’s accomplishments during our
partnership are representative of the value creation we look to drive and actively support in our portfolio companies. Building
upon Water Pik’s leading market position, MidOcean was able to apply its proven methodologies and sector expertise to bolster a key
player in a growing and increasingly important oral health and shower head businesses.”
Ted Virtue, CEO of MidOcean Partners said, “Water Pik has been a successful investment for MidOcean and demonstrates the
expertise we are able to provide branded consumer product companies. We have enjoyed the opportunity to partner with CEO Richard
Bisson and the Water Pik team, and believe the Company is well-positioned for continued growth under Church & Dwight.”
Richard Bisson, CEO of Water Pik concluded, “MidOcean was a valuable partner, and I am very proud of what we accomplished
together during our partnership. With extensive experience in the branded consumer space, MidOcean provided us with sound strategic
guidance and support that allowed us to scale the Company, generate outstanding growth, introduce new and innovative products, and
further position Water Pik as a leader in the branded oral health and replacement showerhead business.”
Harris Williams and Wells Fargo acted as financial advisors, and Kirkland & Ellis LLP acted as legal advisor to MidOcean
Partners.
About MidOcean Partners
Established in 2003, MidOcean Partners is a premier New York-based alternative asset manager that specializes in middle market
private equity and alternative credit investments. Since inception, the focus of the private equity funds has been on high-quality
middle market companies with attractive strategic, operational and financial growth opportunities in the Consumer and Business
Services sectors. MidOcean Credit Partners was launched in 2009 and manages approximately $6.2 billion across a series of
alternative credit strategies, collateralized loan obligations (“CLOs”), and customized separately managed accounts. For more
information, please visit MidOcean’s website ( www.midoceanpartners.com ).
About Water Pik
Water Pik, Inc. is the market leader in both its oral health and replacement showerhead business segments. Water Pik’s branded
oral health business offers a complete line of products, including its market leading line of water flossers, a water flosser and
powered toothbrush combination product line and a full line of professional dental products. Water Pik’s replacement showerhead
business is an innovative market leader that leverages its technology across a broad array of platforms, including EcoFlow (water
conservation) and EasySelect (adjustable in-handle water pressure and spray selection). For more information, please visit Water
Pik’s website ( www.waterpik.com ).
About Church & Dwight
Church & Dwight Co., Inc. (NYSE:CHD) manufactures and markets a wide range of personal care, household and specialty
products under the ARM & HAMMER brand name and other well-known trademarks. For more information, please visit Church &
Dwight’s website ( www.churchdwight.com ).
MidOcean Media Relations Contacts
Gasthalter & Co.
Nathaniel Garnick/Amanda Klein, 212-257-4170
midocean@gasthalter.com
or
MidOcean Investor Relations Contacts
MidOcean Partners
Spencer Potts/Bradley Tipper
IR@midoceanpartners.com
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