Prestige was established in 1999 by a consortium of private equity sponsors led by DB Capital Investors (now MidOcean Partners) to acquire nationally recognized and leading consumer brands in the personal care, over-the-counter, and household cleaning products segments.
Once acquired, the brand’s manufacturing and distribution functions are outsourced to third parties. Prestige focuses on invigorating sales and marketing of the brands.
From 1999 to 2001, Prestige successfully acquired the Prell, Chloraseptic, and Comet brands.
In order to acquire the Clear Eyes/Murine brands from Abbott Laboratories, Prestige was seeking a partner to provide $43MM of mezzanine capital.
York Street initially committed to underwrite a $43MM mezzanine facility for Prestige. York Street’s final commitment was reduced to $28.4MM as a result of an additional equity investment by a third party and a “flex up” of the senior debt facility. The transaction was structured as senior subordinated debt with warrants.
York Street successfully realized upon its investment with GTCR Golder Rauner’s acquisition of Prestige in April 2004.
MidOcean Partners: http://www.midoceanpartners.com
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