Cordova, Smart & Williams, LLC completes the sale of H2O Plus to Pola Orbis Holdings
New York, NY, July 11, 2011 — Cordova, Smart & Williams, LLC (“CSW”) announced the completion of the sale of its portfolio company H2O Plus Holdings, LLC (“H2O Plus”) to Pola Orbis Holdings Inc. (“Pola Orbis”), a publicly traded cosmetics, fashion and pharmaceutical products company based in Tokyo, Japan. CSW partnered with New Mainstream Capital, LLC (“NMS”) in May 2008 to acquire H2O Plus from the Melk Family.
Founded in 1989 and headquartered in Chicago, Illinois, H2O Plus is a leading developer, manufacturer, and marketer of prestige, marine-based natural skincare products for the face and body. Following the 2008 acquisition and under the leadership of Bob Seidl, CEO of H2O Plus, a significant investment was made to enhance the management team in key functional areas including Sales & Marketing, Finance and Research & Development, enabling the Company to successfully execute high profile strategic initiatives such as new product introduction, global brand development and international expansion. As a result, H20 Plus launched a host of profitable new product lines and expanded into several fast growing new markets, including Brazil, Russia, India and Korea, increasing its points of distribution from 1,200 to approximately 2,700 during the period.
“Building H2O Plus into a strong, global brand has been an exciting journey,” remarked Bob Seidl, CEO of H2O Plus. “I have thoroughly enjoyed working closely with the teams at CSW and NMS, and welcome the opportunity to further develop H2O Plus in partnership with such a large, prestigious company as Pola Orbis.”
“We are extremely excited about our investment in H2O Plus as it provides a great return for our Limited Partners and proves the success of our strategy of partnering with talented CEO’s while focusing on creating value through leveraging our operational expertise,” commented Michael Smart, Managing Partner at CSW.
B of A Merrill Lynch acted as exclusive financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP acted as legal advisor to H2O Plus. Terms of the transaction were not disclosed.
About Cordova, Smart & Williams, LLC:
CSW is a New York based private equity firm specializing in leveraged buyouts, recapitalizations, and growth capital financings for middle market companies in the general industrial and consumer products sectors. For more information on CSW, please visit www.cswprivateequity.com.