CVC Capital Partners ("CVC") today announced that funds advised by CVC have agreed to acquire PDC Brands (“PDC”) from Yellow Wood Partners. The financial terms of the transaction were not disclosed.
Founded in 1981, PDC is a rapidly growing beauty and personal care products company with a portfolio of category-leading brands across wellness, hair care, beauty & cosmetics, fragrance, and bath & body care. PDC’s portfolio of products can be found at major retailers throughout the US, UK and in 60 additional markets globally.
Cameron Breitner, Partner at CVC, said: “We are excited about this rare opportunity to acquire a rapidly growing, multinational consumer products platform with a strong portfolio of brands and a proven management team. We greatly look forward to working with James Stammer and his team as they extend their exceptional track record of acquiring and expanding consumer brands.”
James Stammer, CEO of PDC Brands, said: “We are thrilled to enter into this new chapter with CVC Capital Partners. We have significantly grown and diversified our portfolio in recent years, and we know that CVC will be able to support our future growth ambitions in both the US and abroad by leveraging their deep sector experience and global resources.”
Nishad Chande, Managing Director at CVC, added: “We are very pleased to have this opportunity to extend CVC's strong track record in the consumer sector. Aligning with management teams to support their continued domestic and international growth is one of CVC's core strengths, and we look forward to building upon the platform that management and Yellow Wood have so successfully developed."
Closing of the transaction is subject to approval by the relevant competition authorities and is expected in June 2017. The transaction will be completed by CVC Fund VI. Nomura and Perella Weinberg acted as financial advisors and White & Case acted as legal advisor to CVC. William Blair and Jefferies served as financial advisors and Fried Frank served as legal counsel to PDC.