Investment Group Led by Source Capital, LLC Acquires Controlling Interest in Sun & Skin Care Research, Inc.
Harvey & Company initiated the acquisition and subsequently invested in Sun and Skin Care Research, Inc. (“SSCR”), a leading manufacturer of branded and private label sun and skin care products sold throughout the U.S. and in key markets around the world. Additionally, Harvey & Company formed the partnership between Source Capital, LLC and Mr. Steven Taylor, who advised on the transaction and now serves as CEO of the company. Below is the press release following the transaction:
Investment Group Led by Source Capital, LLC Acquires Controlling Interest in Sun & Skin Care Research, Inc.
April 11, 2012
Cocoa, FL – Sun and Skin Care Research Inc. (“SSCR”), a leading manufacturer of branded and private label sun-care products sold globally, announced that an investment group led by Source Capital, LLC, a private equity firm headquartered in Atlanta, and including the company’s management, has acquired a majority interest in the company. SSCR founder Gary DeAngelo will continue to remain active within the day-to-day operations and retained a significant ownership stake while industry veteran Steve Taylor will join the company as CEO. Taylor previously spent 25 years in multiple leadership positions with Johnson & Johnson including senior roles with brands such as Neutrogena©, Roc©, Aveeno©, Piz Buin©, and Johnson’s Baby©.
SSCR was founded in 1989 and is headquartered in Cocoa, Florida where it manufacturers a vast array of sunscreen and skin lotion products marketed under the Ocean Potion? And No-Ad?. SSCR sells its products recognized for quality and value around the world in over 70 countries.
“We are pleased to announce this transaction, which reflects the successful alignment, partnership and commitment of our Board and employees to our customers and suppliers,” said founder Gary DeAngelo. “In addition, we are delighted about the opportunity to partner with Steve Taylor and Source Capital, which will allow our company to accelerate its growth.” DeAngelo added, “I am excited about continuing to innovate and increase our presence in both the skin and sun care segments around the world. We’ve worked hard over the last twenty three years to build a very successful company and stand behind a suite of products we’re proud of – known for quality and value. We believe this partnership will build upon the foundation our team has put into place and help expand our existing brands and new ones in development across the world.”
“I am very excited about being part of the next chapter for SSCR,” said Steve Taylor, CEO of Sun and Skin Care Research. “We believe we can build upon the accomplishments and success of Gary and his team. We look forward to entering into this partnership and leveraging our collective experience in the sun and skin care sector to capitalize on the significant growth opportunities for SSCR. Over the coming months, we plan to introduce new products, new brands and expand into new categories while also accelerating our international growth. Most importantly, we will continue to ensure commitment to quality and innovation.”
About Sun & Skin Care Research
Sun and Skin Care Research, Inc. is a leading manufacturer of sun-care products in the U.S. and in key markets around the world. Its products are sold under brands such as Ocean Potion© and No-Ad©. The company offers a vast array of sun and skin care products including sunscreens, tanning lotions and oils, after-sun products, moisturizers and lip balms.
www.sscrinc.com
About Source Capital
Source Capital, LLC is a private equity firm which makes both control equity investments and mezzanine debt investments in mature, lower middle-market U.S. companies across a range of industries. Since its founding in 2002, Source has closed 17 platform equity transactions and 11 add-ons or mezzanine capital investments and is currently investing out of two active funds. Source Capital is based in Atlanta with an office in San Francisco and focuses on recapitalizations through management buyouts or growth capital investments in companies in the following industries: specialty manufacturing, business services, consumer products & services, healthcare, and value-added distribution.
www.source-cap.com
