prestige  


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Prestige Brands International, LLC (“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 brands' manufacturing and distribution functions were outsourced to third parties and marketing spend increase. From 1999 to 2001, Prestige successfully acquired Prell, Chloraseptic and Comet.

In order to acquire the Clear Eyes/Murine brands from Abbott Laboratiories, Prestige was seeking a partner to provide $43MM of mezzanine capital.

York Street initially committed to underwrite a $43MM mezzanine facility for Prestige, but capital structure changes reduced York Street’s final commitment to $28.4MM. In December 2002, York Street invested $12.7MM of senior subordinated notes with warrants as the lead in a clubbed group.

York Street realized its investment with GTCR's acqusition of Prestige in April 2004.

MidOcean Partners - http://www.midoceanpartners.com

 

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