News
Charterhouse Group to Sell Amerifit Brands to Martek in
$200 Million Transaction RECENT REALIZATION - February 12, 2010
Entrepreneur-Led Brand Build-up Drives Value Creation
New York, January 21, 2010
Charterhouse Group, Inc. ("Charterhouse") today announced a
definitive agreement to sell Amerifit Brands, Inc. ("Amerifit" or the "Company"), a leading
consumer health and wellness company, to Martek Biosciences Corporation ("Martek")
(NASDAQ:MATK) in a transaction valued at $200 million.
Amerifit holds leading brand positions in all of its key product categories. The Company's
key products include: Culturelle®, a leading probiotic supplement; AZO®, the leading OTC brand
addressing symptom relief, detection and prevention of urinary tract infections; and
ESTROVEN®, the leading all-natural nutritional supplement brand addressing the symptoms of
menopause. Amerifit's products are sold in most major mass, club, drug, grocery and specialty
stores.
The transaction follows a period of significant growth for Amerifit, driven by strategic
initiatives undertaken by Charterhouse to build and strengthen the Company's portfolio of
premier health and wellness brands. Charterhouse's original investment in Amerifit in 2005, a
transaction valued at approximately $80 million, was the result of a targeted search led by
Charterhouse Entrepreneur Cyrill Siewert, now CEO of Amerifit, to find a platform where a
build-up could be executed in the consumer health and wellness category. Under Charterhouse
ownership, the Company significantly grew its revenue base and more than doubled EBITDA.
Thomas C. Dircks, Managing Partner at Charterhouse, said, "Amerifit is another example of our
time-tested strategy of partnering with an experienced executive and executing our value
creation formula through organic growth and, in this case, two strategic add-on acquisitions,
while utilizing a prudent amount of debt. We are very pleased with the significant growth of
Amerifit's consumer brands, especially in light of the strong economic headwinds over the past
eighteen months. We are confident that the management team and the Company will have
continuing success with Martek."
Cyrill Siewert commented, "The strategic and financial support of the Charterhouse team over
the last four and one-half years has put us in a great position to continue to build our solid
business. Together we have created a leader in consumer health and wellness and I am very
excited about the Company's future prospects under Martek's ownership."
The transaction is expected to close in approximately 30 days, subject to customary closing
conditions, including expiration or early termination of the waiting period under the
Hart-Scott-Rodino Antitrust Improvements Act. The Company was advised by Deutsche Bank
Securities Inc., Nicholas Hall & Company and Proskauer Rose LLP.
About Charterhouse Group
Charterhouse Group, Inc. is a private equity firm with over three
and a half decades of experience in building leading middle-market companies. Established in
1973, Charterhouse has invested in excess of $2.0 billion in equity and established over 100
platform companies with a focus in the Business Services, Healthcare Services and Consumer
Products and Services sectors. For more information on Charterhouse, please visit
www.charterhousegroup.com.
About Amerifit
Amerifit Brands, Inc. is a leading developer, marketer and distributor of
branded over-the-counter consumer health and wellness products. The Company's product lines
address consumer needs within the Women's Health and Digestive Health areas. Amerifit's
products are sold within the food, drug, mass and club channels. The Company's Culturelle®,
AZO®, and ESTROVEN® brands are leaders in their respective categories. The Company's
dedication to quality is a commitment solidly backed by quality ingredients, stringent quality
control measures and continuous improvement through research and innovation. Amerifit relies
on strong science to support its brands. For more information, please visit
www.amerifit.com.
Contacts:
Charterhouse Group:
David G. Hoffman, Partner - (212) 584-3234
dhoffman@charterhousegroup.com
Charterhouse Group, Inc.
535 Madison Avenue
28th Floor
New York, NY 10022-4299
T: (212) 584-3200
F: (212) 750-9704
www.charterhousegroup.com
Broadgate Consultants:
Dan Jacobs - (212) 232-2227
djacobs@broadgate.com
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