NEW YORK and CORAL GABLES, Fla., May 2, 2018 /PRNewswire/ — Avista Capital Partners (“Avista”), a leading private equity firm, in partnership with Dana Holdings, a consumer healthcare-focused private investment group, today announced the completion of its acquisition of Kramer Laboratories, Inc. (“Kramer Laboratories,” “Kramer” or “the Company”), a marketer of over-the-counter (OTC) foot care and specialty cough products.
Kramer, based in Coral Gables, Florida, is a recognized leader in OTC foot care products. The Company’s portfolio includes leading foot care brands such as The Original Fungi-Nail® Toe & Foot® and HC Max™, as well as the Safetussin® brand of specialty cough solutions. The Company’s products are sold in over 60,000 stores nationwide, including major drug, food and mass merchandiser outlets.
David Burgstahler, President and Co-Managing Partner of Avista, said, “We are excited to welcome Kramer to our healthcare portfolio. The Company has a strong foundation, with well-established brands, national distribution and an experienced management team. We look forward to working with the Kramer team and leveraging Avista’s expertise in the healthcare sector to support the Company’s future development and expansion.”
Dana’s Managing Member, Joe Falsetti, said, “We are delighted to partner with Avista Capital Partners and the entire Kramer organization. We are excited about the prospects for the Kramer brands and look forward to working with Avista and the Kramer team to create long-term value.”
Rick Kornhauser, Chief Executive Officer of Kramer, stated, “We are thrilled to partner with Avista and Dana and look forward to working together to capture the substantial growth opportunities ahead. A partnership with Avista and Dana will infuse Kramer with valuable financial and business expertise that will create significant benefits for our customers, account partners and employees.”
Robert O’Neil, an Avista Operating Executive, will serve as Chairman of the Board of Directors of Kramer. Mr. O’Neil is a distinguished pharmaceutical and consumer healthcare executive, with more than 35 years of operational and strategic business leadership experience. Prior to Avista, Mr. O’Neil served as Worldwide Vice President of Business Development for the Johnson & Johnson’s Consumer Group of Companies. Mr. O’Neil held a variety of leadership roles at Johnson & Johnson over his career with the company, including serving as member of the Consumer Group Operating Committee and a Board Member for the Johnson & Johnson Development Corp.
Mr. O’Neil said, “Kramer has a long track-record of success and is one of most established brands in OTC foot-care. We appreciate the strong heritage of the Kramer brands and the innovative self-care solutions they provide consumers. We look forward to working with the Kramer team to help the Company realize its full growth potential.”
Ropes & Gray LLP acted as legal counsel to Avista. Akerman LLP acted as legal counsel to Kramer.
About Kramer Laboratories, Inc.
Founded in 1983, Kramer Laboratories is a well-established marketer of branded over-the-counter medicines within the foot care and cough-cold segments of the consumer healthcare market. For over 35 years, Kramer has been delivering innovative healthcare products to help consumers self-treat their everyday problems. Kramer’s flagship brand, the Original Fungi-Nail® Toe & Foot® brand, is a specialty anti-fungal product formulated with a clinically-proven ingredient that treats and stops the spread of skin fungus around nails. Additional brands in the Kramer portfolio include HC Max™, a maximum strength anti-fungal remedy, and Safetussin®, a pharmacist-developed cough relief solution for adults suffering from diabetes and/or high blood pressure. Kramer’s products are sold in over 60,000 stores nationwide, including major drug, food and mass merchandiser outlets. (www.kramerlabs.com).
About Avista Capital Partners
Founded in 2005, Avista is a leading New York-based private equity firm with over $6 billion invested in more than 30 growth-oriented healthcare businesses. Avista targets businesses with strong management teams, stable cash flows and robust growth prospects and utilizes a proactive, hands-on approach to create value in our portfolio companies. Avista’s Operating Executives and Advisors are an integral part of the team, providing strategic insight, operational oversight and senior counsel, that help drive growth and performance to create long-term value and sustainable businesses. (www.avistacap.com).
About Dana Holdings
Founded in 2004, Dana Holdings is a private investment group focused on acquiring and growing consumer healthcare and personal care brands. Dana’s principals have extensive operating knowledge of branded personal care and OTC products as former owner-operators. Dana has invested or advised in over $1 billion in buyout acquisitions, growth equity investments and mezzanine financing.