Daily News: December 3, 2018

Hayfin Supports Crown Lab GlaxoSmithKline Brands Acquisition


Hayfin Capital Management provided debt financing to support Crown Laboratories and Hildred Capital Partners’ acquisition of North American distribution rights of five OTC consumer brands from GlaxoSmithKline (GSK).

The products expand Crown Laboratories’ consumer portfolio by adding #1 and include:

  • PanOxyl, a daily acne wash
  • Sarna, an anti-itch lotion
  • Zeasorb, an anti-fungal and prevention product
  • Desenex, an anti-fungal powder for athlete’s foot
  • Mineral Ice, a pain-relieving gel

“Acquiring these strong heritage brands strengthens Crown’s OTC portfolio and adds significant value across multiple categories,” said Jeff Bedard, Crown Laboratories president and CEO. “I am especially excited to bring the Stiefel brands to Crown as I personally enjoyed tremendous success in marketing them as a field sales representative for Stiefel in the 80’s and 90’s.”

“Facilitating the addition of these highly regarded brands reinforces Hildred’s commitment to work with Crown to build a diversified business with high quality product offerings across all aspects of dermatology and skin care,” added David Solomon, partner at Hildred and chairman of Crown Laboratories. “The addition of these brands provides meaningful diversification for our OTC portfolio and enhances our breadth of trusted consumer skin care therapies. We will continue to look for interesting opportunities to build on Crown’s consumer healthcare, aesthetic and prescription product lines.”

Crown Laboratories has chosen the Emerson Group to manage the sales activity and all logistics for its new brands across all retailers.

Further financial terms of the transaction were not disclosed. Lowenstein Sandler acted as legal advisor to Crown Laboratories and Hildred, while Crosstree Capital Partners and Latham & Watkins served as financial and legal advisors, respectively, to GlaxoSmithKline.

Crown Laboratories is a privately-held, fully integrated global skin care company which concentrates on developing and providing a diverse portfolio of beauty, consumer, over-the-counter, prescription, medical and aesthetic skin care products.

Founded in 2014, Hildred Capital Partners is a private investment firm that invests in a broad range of securities, including equity and debt, across geographies and sectors, on both an actively and passively managed basis.