Acquisition is expected to close in late March
PHOENIX, Ariz. (March 10, 2010) – Innovative Brands LLC, a portfolio company of Najafi Companies, has entered into an agreement with Helen of Troy Limited (NASDAQ, NM: HELE), designer, developer and worldwide marketer of brand name personal care and household consumer products, to sell its Pert Plus® hair care and Sure® anti-perspirant and deodorant businesses.
Innovative Brands LLC acquired the two brands from The Procter & Gamble Company in 2006 and continued to position and market them as leading consumer products in the U.S. and Canada. Terms of the deal were not disclosed and are subject to industry closing protocols. New York-based Sawaya Segalas & Co., LLC, a leading consumer industry investment banking firm, served as exclusive financial advisor to Innovative Brands LLC in connection with the transaction.
“Innovative Brands has nurtured and grown these longstanding consumer product lines and we are proud of their market performance,” said Jahm Najafi, CEO of Najafi Companies, a Phoenix-based international private investment firm. “We are confident this acquisition will ensure the continued success of these brands.”
Sure remains a leading and well-known brand within the estimated $1.7 billion U.S. antiperspirant and deodorant market. Pert Plus enjoys a long history as a leader in the $2 billion U.S. shampoo category through its pioneering development of the 2-in-1 shampoo and conditioner combination technology.
Helen of Troy Limited Chairman, CEO and President Gerald Rubin said the company has a growing position in personal care product lines. “We are excited to add these two quality brand names to our existing worldwide distribution and believe they will provide ongoing value to our customers and shareholders alike,” he said.
About Najafi Companies
Najafi Companies is an international private investment firm based in Phoenix, Arizona. The firm makes highly-selective investments up to $1 billion in size in companies with strong management teams across a variety of industries, and often in industries out of popular favor. The firm takes a long-term view on its investments and focuses its efforts to create value through growth and superior performance. Najafi Companies funds investments with internally generated capital, not through a fund. Free from the restrictions of a fund, the firm is able to move quickly and decisively when investing, and with no requirements to return capital to outside partners, Najafi Companies is able to make investments that create maximum value for the long-term. For more information about Najafi Companies, visit www.najafi.com.
About Innovative Brands
Innovative Brands is a consumer products company focused on acquiring, repositioning, and growing consumer product brands with solid brand equity, positive cash flow and strong distribution. The Company enhances brands within its portfolio through an “entrepreneurial branding” approach which combines the discipline and strategy commonly employed by large companies with the spirit and tactics of an entrepreneur. Innovative Brands currently manages and markets the Sure® antiperspirant and deodorant and Pert Plus® hair care brands in North America, Puerto Rico and the Caribbean. Additional information about Innovative Brands is available at www.innovativebrands.net.