Gryphon Investors Agrees to Sell C.B. Fleet Company, Inc. to Prestige Brands

SAN FRANCISCO–(BUSINESS WIRE)–Gryphon Investors (“Gryphon”), a San Francisco-based private equity
firm, announced today that it has agreed to sell its portfolio company
C.B. Fleet Company, Inc. (“Fleet” or “the Company”) to Prestige Brands
in a transaction valued at approximately $825 million. Gryphon, along
with several institutional co-investors and management, originally
invested in the Company in October 2014. This sale to Prestige Brands is
subject to customary regulatory and other approvals and is expected to
close in the first quarter of 2017.

Fleet, founded in 1869 and headquartered in Lynchburg, VA, is a market
leader in the Personal Healthcare and over-the-counter (“OTC”) industry
with such well-known product lines as Summer’s Eve®, FLEET®, Pedia-Lax®,
Phazyme®, and Boudreaux’s®. The Company has a presence in North America,
Asia Pacific, and Latin America.

R. David Andrews, CEO and Managing General Partner at Gryphon, said,
“Our investment in Fleet is a great example of Gryphon’s powerful
synergistic model of combining deal and in-house operations
professionals in target identification, underwriting, execution, and
ultimately the achievement of a strong investment return. At the time of
our acquisition in 2014, our focused approach allowed us to prevail in a
very competitive auction in which we had support from numerous limited
partner co-investors who ultimately allowed us to acquire an asset of
high quality and scale.”

Dennis O’Brien, Gryphon Partner and the Head of its Operations Resources
Group, said, “We have achieved our original vision for Fleet and created
a valuable strategic asset by substantially increasing revenue and
profitability through focused business building efforts and brand
revitalization led by our strong management team and Chairman Steve

Mr. LaMonte added, “Since Gryphon’s ownership, we have instituted
numerous strategic and operational enhancements to create value. Key
initiatives included: implementation of an aggressive strategic plan to
accelerate profitable growth; recruitment of a top-tier management team;
investments to build out a robust innovation pipeline; initiation of
supply chain efficiencies to fund growth; and a dramatic improvement in
Fleet’s go-to-market sales and marketing efforts to fully leverage our
brand assets across the globe.”

Keith Stimson, the Head of Gryphon’s Consumer Group, noted, “We are
extremely happy with the outcome of this transaction, which was the
result of our Group’s multi-year focus on the Personal Healthcare and
OTC space. We achieved our goal of reaching agreement on a sale that
positions Fleet for continued success, while also generating attractive
returns for us, our co-investors, and our Limited Partners.”

Sawaya Segalas & Co., LLC acted as a financial advisor to Fleet and
Gryphon, and Kirkland & Ellis LLP served as Gryphon’s counsel on the

About Gryphon Investors

Based in San Francisco, Gryphon Investors (
is a leading private equity firm focused on profitably growing and
competitively enhancing middle-market companies in partnership with
experienced management. For five consecutive years, Gryphon has been
ranked in Preqin’s prestigious quarterly PE report as one of
North America’s top-decile firms based on consistency of strong
investment returns. With over $2.5 billion of cumulative equity
commitments, the firm has an extensive track record of leading equity
investments of approximately $35 million to $150 million per portfolio
company with sales ranging from approximately $50 million to $500
million. Gryphon prioritizes investment opportunities where it can form
proactive partnerships with owners and executives to build leading
companies, utilizing Gryphon’s capital, specialized professional
resources and operational expertise.

About C.B. Fleet Company, Inc.

C.B. Fleet Company, Inc. (
is a consumer healthcare manufacturer and marketer of personal care and
over-the-counter products in the feminine hygiene, gastrointestinal, and
infant care categories. Founded in 1869 by Charles Browne Fleet and
based in Lynchburg, VA, Fleet started out as a small pharmacy providing
novel, easy-to-use personal health and beauty merchandise. Today, Fleet
is a global provider of more than 100 personal health and beauty
products. The Company’s product lines include Summer’s Eve® feminine
hygiene products, the Fleet® disposable enema, Pedia-Lax® laxatives for
children, Phazyme® anti-gas medication, and the Boudreaux’s® brand of
baby products.


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Caroline Luz, 203-656-2829