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 CAPITAL PARTNERS
Based in Boston and New York, 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 firm seeks to partner with strong management teams to build companies with sustainable competitive advantages and excellent prospects for growth. Visit www.charlesbank.com for more information.