Sanofi – Charlesbank Types Bridges Shopper Healthcare, Acquires ThermaCare from GSOk Shopper Healthcare
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BOSTON, Nov. 30, 2020 (GLOBE NEWSWIRE) — Funds affiliated with Charlesbank Capital Companions have introduced the formation of Bridges Shopper Healthcare (“Bridges”) in partnership with trade executives Robert Lengthy and Blair Ramey. Bridges will give attention to buying corporations and property as a part of a technique to construct a market-leading shopper healthcare platform. As a part of its formation, Bridges has acquired the North American rights to ThermaCare® HeatWraps (“ThermaCare”) from GSOk Shopper Healthcare (“GSOk”). Launched in 2001, ThermaCare is a portfolio of clinically confirmed warmth wraps providing focused ache administration options for various areas of the physique.
“We are excited to be partnering with Robert, Blair and the Bridges team to build a leading consumer healthcare company,” stated Josh Klevens, Managing Director at Charlesbank. “Robert and Blair have a proven track record of transforming over-the-counter (OTC) and personal care brands, and we see great opportunity to grow Bridges organically and through portfolio and single brand acquisitions like ThermaCare.”
Mr. Lengthy and Mr. Ramey are trade veterans who labored collectively at Sanofi Shopper Healthcare (previously Chattem, Inc.) since 2006 serving to to ship trade main income development over that point. Mr. Lengthy has greater than 20 years of trade expertise, together with as Chief Monetary Officer and Chief Govt Officer of Sanofi’s North American Shopper Healthcare division, and can function President and CEO of Bridges. Mr. Ramey brings over 27 years of associated expertise, most just lately as Head of Advertising and Innovation for Sanofi’s US Shopper Healthcare division; he’ll function Bridges’ Govt Vice President and Chief Business Officer. Mr. Lengthy and Mr. Ramey carry with them different key executives with extremely related expertise and a observe report of revitalizing and constructing quite a few OTC and private care manufacturers.
“We’re very completely happy to announce the partnership with Charlesbank, the formation of Bridges and the acquisition of the North American rights to ThermaCare,” stated Mr. Lengthy. “ThermaCare has a management place throughout the topical ache class, a loyal shopper base and a model identify with endurance that communicates efficacy. Strategic acquisitions comparable to this are a precedence for Bridges, and we’re trying ahead to extra alternatives.”
“ThermaCare is a trusted model that addresses the wants of thousands and thousands of customers on the lookout for efficient, drug-free options for relieving muscle ache and soreness,” acknowledged Mr. Ramey. “With a strong presence in traditional food, drug, mass-merchant and e-commerce online channels, ThermaCare is well-positioned with the growth in self-directed treatment by consumers,” continued Ramey. “Brands such as ThermaCare that address unmet needs of consumers play well into our strategy of growing brands with innovation and advertising.”
Bridges builds on the deep trade experience of Mr. Lengthy and Mr. Ramey in addition to Charlesbank’s expertise within the OTC sector via its prior funding in Blacksmith Manufacturers. Bridges will capitalize on compelling trade developments and intends to pursue extra acquisitions, together with bigger company carve-outs in addition to the acquisition of particular person manufacturers.
Charlesbank was suggested by William Blair & Firm and authorized counsel was offered by Weil, Gotshal & Manges LLP.
About Charlesbank Capital Companions: Based mostly in Boston and New York, Charlesbank Capital Companions is a middle-market personal funding agency managing greater than $7 billion of capital. Charlesbank focuses on management-led buyouts and development capital financings, and in addition engages in opportunistic credit score and expertise investments. The agency seeks to construct corporations with sustainable aggressive benefit and wonderful prospects for development. For extra info, please go to www.charlesbank.com.
About Bridges Shopper Healthcare: Based mostly in Chattanooga, Tennessee, Bridges was fashioned in 2020 as a partnership between Robert Lengthy, Blair Ramey and Charlesbank. Bridges’ mission is to construct a number one shopper healthcare firm targeted on OTC and private care merchandise and pushed by consumer-led innovation and advertising and marketing.
Charlesbank Capital Companions
Maura Turner, VP, Advertising & Communications
Bridges Shopper Healthcare
Robert Lengthy, Chief Govt Officer