Apr 25 2014
Swander Pace Capital ("SPC"), a leading private equity firm specializing in investments in consumer products companies, announced today that it is selling its over-the-counter (OTC) products portfolio company, Insight Pharmaceuticals ("Insight"), to Prestige Brands Holdings (NYSE: PBH) for $750 million.
"It has been a pleasure working with CEO Gary Downing, the Insight team and our co-invest partner, Ontario Teachers' Pension Plan ('Teachers''), to grow Insight into one of the leading OTC pharmaceutical companies," said Mo Stout, Managing Director at SPC. "By implementing our investment playbook -- including investing in brand development, driving cost improvements, and executing two strategic acquisitions -- we were able to transform the company in five years and substantially increase its value."
"The SPC team was essential in providing the guidance and financial support to aggressively grow our business," commented Gary Downing, CEO of Insight. "Through research-driven marketing and sales execution, we were able to significantly strengthen our product portfolio. On behalf of our team, I would like to thank SPC and Teachers' for their commitment and support as we enter our next phase of growth with Prestige."
Under the ownership of SPC and Teachers', Insight expanded its product portfolio of OTC women's health and personal care products, adding high profile brands e.p.t®, the leading home pregnancy testing brand, and MONISTAT®, the #1 brand in the vaginal anti-fungal category. The Insight portfolio consists of nearly 30 OTC brands, and the company has become one of the most innovative and fastest-growing players in the category.
Corby Reese, Managing Director at SPC, added, "During our ownership, Insight was able to grow sales from approximately $79 million to over $200 million. This transaction represents another successful execution of our consumer products investment strategy to attract and partner with world class teams, implement effective marketing strategies, optimize sales force productivity and drive operating efficiencies."
Kirkland & Ellis LLP served as legal advisor to SPC on the sale.