Crown Laboratories Adds a Significant Legacy Skin Care Brand to its Portfolio
JOHNSON CITY, Tenn., May 1, 2019 /PRNewswire/ -- Crown Laboratories, Inc. ("Crown"), a leading, fully integrated skin care company, today announced it has acquired the North American rights for Keri® from GlaxoSmithKline ("GSK") and received an equity investment from Greenspring Associates, Inc. ("Greenspring"). Other current equity investors in Crown include Hildred Capital Partners, LLC ("Hildred") and Montreux Equity Partners, LLC ("Montreux").
The acquisition of Keri from GSK marks the sixth product from GSK that Crown has acquired in the past five months. Keri has a long and successful history in the market, supported by dermatologists and healthcare practitioners across the world. Keri provides Crown with another major skin care brand with a rich heritage, that has provided elegant therapeutic formulations to consumers for decades.
"Acquiring the Keri brand supports Crown's objective of providing its customers with a broad offering of skin care solutions for every age and skin type," said Jeff Bedard, Crown's President and CEO. "We approach our business with a cradle-to-grave philosophy. Our product portfolio treats, protects and nourishes skin of all ages. Keri is a welcomed addition to every daily skin care regimen, and we are proud to now have the opportunity to build on the brand's heritage."
"We continue to find ways to provide meaningful diversification for our consumer portfolio and enhance our breadth of trusted skin care therapies," added David Solomon, Partner of Hildred and Chairman of Crown. "Providing value for our customers and investing in products they love is critical. We are committed to doing just that, and we are pleased to have Greenspring on board as a new equity partner with Montreux to continue supporting business development programs that enhance Crown's consumer healthcare, aesthetic and prescription product lines."
Financial terms of the transaction were not disclosed. Lowenstein Sandler, LLP acted as legal advisor to Crown, while Hildred, Montreux, and Greenspring provided equity financing in connection with the transaction. Hayfin Capital Management, LLP continues to act as the debt financing provider to Crown. Crosstree Capital Partners New York, LLC and Latham & Watkins (London) LLP served as financial and legal advisors, respectively, to GlaxoSmithKline.
About Crown Laboratories, Inc.
Crown Laboratories, Inc., a privately held, fully integrated global skin care company is committed to developing and providing a diverse portfolio of aesthetic, beauty, therapeutic OTC and prescription skin care products that improve the quality of life for its customers. As an innovative company with key products such as the first FDA-cleared medical grade microneedling device, SkinPen®, Crown has enjoyed rapid growth and is poised to become a leader in Dermatology. Crown has a robust portfolio of therapeutic OTC skin care products, including Blue Lizard® Australian Sunscreen, PanOxyl® acne wash, Sarna® anti-itch lotion, Zeasorb® and Desenex® anti-fungal powders, Mineral Ice® pain-relieving gel, and Vita Liberata sunless tanning and skin care beauty products. Crown has been listed on the Inc. 5000 Fastest Growing Privately Held Companies List for six consecutive years. For more information about Crown or its products, visit www.crownlaboratories.com.
About Hildred Capital Partners
Hildred Capital Partners is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis. Founded in 2014, Hildred has a particular interest in private equity, including situations where the principals can apply their extensive management experience to help a company reach its full potential. Hildred is headed by Howard Solomon, former CEO of Forest Laboratories, and David Solomon, former Senior Vice President, Corporate Development & Strategic Planning at Forest Laboratories, together with Andrew Goldman, the firm's Chief Investment Officer.
About Montreux Equity Partners
Montreux Equity Partners is dedicated to making growth capital investments in high growth, category-leading companies with products, technologies and services that are advancing health. Founded in 1993, Montreux has invested in more than 60 companies, including MINDBODY, Glaukos, Tobira Therapeutics (acquired by Allergan), MAKO Surgical (acquired by Stryker), SkinMedica (acquired by Allergan) and Renal CarePartners (acquired by Ambulatory Services of America). Montreux is based in San Francisco, CA, and is currently investing out of its second healthcare growth capital fund, Montreux Growth Partners II, L.P. For more information about Montreux Equity Partners, visit www.mepvc.com.
About Greenspring Associates
Greenspring Associates was founded in 2000 to focus solely on venture capital investments. Through a comprehensive platform, the Firm serves as a lifecycle partner for fund managers and entrepreneurs, investing across multiple stages, sectors and geographies. Greenspring Associates currently manages over $7.3 billion in committed capital across a variety of specialized venture strategies on behalf of a diverse group of global investors. For more information on Greenspring Associates, please visit its website at www.greenspringassociates.com.
Forward Looking Statements
In this press release, the use of words such as "expect," "anticipate," "possible," "potential," "believe," "commit," "intend," "continue," "may," "would," "could," "should," or similar expressions is intended to identify forward-looking statements that represent Crown Laboratories management's current judgment about possible future events. We believe these judgments are reasonable, but these statements are not guarantees of any events or results, and actual results may differ materially due to a variety of important factors. Such risks and uncertainties may include, but are not limited to: the satisfaction of closing conditions to the investment by Hildred; the possibility that the transaction will not be completed or, if completed, not completed in the expected timeframe; the potential that the expected benefits and opportunities of the transaction may not be realized or may take longer to realize than expected; and adverse litigation or government action. Crown Laboratories undertakes no obligation to update the information contained in this release.