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September 21, 2010
NEW YORK, September 21, 2010 — Prestige Brands Holdings, Inc. has announced that it has entered into a definitive agreement to acquire 100% of the stock of Blacksmith Brands Holdings, Inc., a portfolio company of Charlesbank Capital Partners, for $190 million in cash. Covington & Burling LLP advised Charlesbank on the transaction, which is expected to close in the fourth quarter of 2010.
Blacksmith Brands was formed in 2009 to acquire a group of consumer health-care brands, including Efferdent denture cleanser, Effergrip denture adhesive cream, Luden’s throat drops, PediaCare children’s cough and cold medicine, Nasalcrom nasal allergy relief spray and Gentle Vapors waterless vaporizer. Charlesbank Capital Partners is a middle-market private equity investment firm managing more than $2 billion of capital. Charlesbank focuses on management-led buyouts and growth capital financings, typically investing $50 million to $150 million per transaction in companies with enterprise values of $100 million to $750 million.
The Covington team, based in New York and Washington, included partners Stephen Infante and Peter Schwartz and associate Edward Tsai (M&A), partners Carolyn Taylor and Michael Francese and associate Jenna Wallace (management equity and employee benefits), partner Rob Heller (tax), partner Scott Cunningham (regulatory), and partners Nigel Howard and Lee Tiedrich and of counsel Kathleen Gallagher-Duff (intellectual property).