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CHARLESBANK CAPITAL PARTNERS
AND MANAGEMENT ACQUIRE ZENITH PRODUCTS
Boston, MA, December 6, 2005 – Charlesbank Capital
Partners, LLC and the senior management of Zenith Products
have announced the acquisition of Zenith, a leading
designer and manufacturer of bathroom storage products
and accessories for the retail market. Based in New
Castle, Delaware, Zenith was formerly a division of
Masco Corporation (NYSE: MAS). The transaction was funded
with equity and debt arranged by Charlesbank; terms
were not disclosed.
Zenith, which was founded in 1946, has developed a full
suite of bathroom-related products and is a top producer
of bathroom storage and organizational products such
as medicine cabinets and shower caddies. Products feature
a variety of finishes, materials and sizes, with innovative
designs that enable homeowners to maximize bathroom
space. Zenith’s products are distributed nationally
through home centers, mass merchants and bath specialty
shops.
“Charlesbank has been an active investor in the
consumer products industry for many years, and we have
spent a good deal of time looking at the home-improvement
sector. We are impressed with the company’s long-standing
customer relationships, history of new product innovation
and track record of providing its customers with outstanding
service,” says Jon Biotti, Vice President, Charlesbank
Capital Partners. “We are also delighted to be
partnering with Zenith’s seasoned and talented
management team. Their deep knowledge of the business
and terrific energy will be great assets in ensuring
the company’s continued success.”
Mr. Joe Mahon, an 18-year veteran of the company, will
continue as CEO. He says, “Following a successful
11 years with Masco, we are encouraged by the enthusiasm
that Charlesbank has shown for our business and are
excited about Zenith’s prospects as we begin this
new partnership.”
About Charlesbank
With offices in Boston and New York, Charlesbank Capital
Partners is a middle-market private equity investment
firm managing more than $1 billion of capital. Charlesbank
focuses on management-led buyouts and growth capital
financings, typically investing $25 million to $75 million
per transaction in companies with enterprise values
of $50 million to $750 million. The firm seeks to partner
with strong management teams to build companies with
sustainable competitive advantage and excellent prospects
for growth. Charlesbank is currently investing through
Charlesbank Equity Fund VI, a $900 million fund. For
more information, visit www.charlesbank.com.
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