H.I.G. Capital Completes Sale of Matrixx Initiatives
March 12, 2018, MIAMI, FL – (BUSINESS WIRE) – H.I.G. Capital (“H.I.G.”), a leading global private equity investment firm with $24 billion of equity capital under management, is pleased to announce that one of its affiliates completed the sale of its portfolio company Matrixx Initiatives, Inc. (“Matrixx” or the “Company”) to Gryphon Investors.
Matrixx, based in Bridgewater, New Jersey, manufactures and markets Zicam® brand homeopathic and allopathic over-the-counter (“OTC”) products. The Company has been engaged in the development and marketing of better ways to feel better through over-the-counter health care products that utilize innovative drug delivery systems for over 20 years.
In February 2011, H.I.G. acquired Matrixx through a take-private transaction and recruited a new management team. The company implemented a top to bottom transformation that resulted in several successful new product offerings, a new marketing strategy, and a new go to market approach that has bolstered the Zicam brand and household usage nationwide.
H.I.G. Managing Director Fraser Preston commented, “Matrixx is an exceptional company with a bright future. We are proud of the work we did in partnership with the very talented management team to reverse the negative growth trajectory at the time of our acquisition, and successfully transform the Company over the course of our ownership while substantially growing EBITDA. After 38 plus consecutive months of share gains, Matrixx and the Zicam branded family of products have a bright future.”
About Matrixx Initiatives, Inc.
Matrixx Initiatives, Inc. is an OTC healthcare company that develops and markets Zicam® products. Zicam, LLC, its wholly-owned subsidiary, markets and sells Zicam® products in the cough and cold category. The Company markets Zicam brand homeopathic and allopathic OTC products, including Zicam Cold Remedy in multiple oral delivery forms; as well as Zicam Allergy and Congestion Relief products. For more information regarding Matrixx products, go to www.Zicam.com. To find out more about Matrixx Initiatives, Inc., visit www.matrixxinc.com.
About H.I.G. Capital
H.I.G. is a leading global private equity and alternative assets investment firm with $24 billion of equity capital under management.* Based in Miami, and with offices in New York, Boston, Chicago, Dallas, Los Angeles, San Francisco, and Atlanta in the U.S., as well as international affiliate offices in London, Hamburg, Madrid, Milan, Paris, Bogotá, Mexico City and Rio de Janeiro, H.I.G. specializes in providing both debt and equity capital to small and mid-sized companies, utilizing a flexible and operationally focused/ value-added approach:
1) H.I.G.’s equity funds invest in management buyouts, recapitalizations and corporate carve-outs of both profitable as well as underperforming manufacturing and service businesses.
2) H.I.G.’s debt funds invest in senior, unitranche and junior debt financing to companies across the size spectrum, both on a primary (direct origination) basis, as well as in the secondary markets. H.I.G. is also a leading CLO manager, through its WhiteHorse family of vehicles, and manages a publicly traded BDC, WhiteHorse Finance.
3) H.I.G.’s real estate funds invest in value-added properties, which can benefit from improved asset management practices.
Since its founding in 1993, H.I.G. has invested in and managed more than 300 companies worldwide. The firm’s current portfolio includes more than 100 companies with combined sales in excess of $30 billion. For more information, please refer to the H.I.G. website at www.higcapital.com.
Sawaya Partners served as exclusive financial advisor to Matrixx Initiatives, Inc.