Crown Laboratories Acquires Keri® from GlaxoSmithKline and Receives an Equity Investment from Greenspring Associates
JOHNSON CITY, TN (May 1, 2019)—Crown Laboratories, Inc. (“Crown”), a leading, fully integrated skin care company, today announced it has acquired the North American rights for Keri® from GlaxoSmithKline (“GSK”) and received an equity investment from Greenspring Associates, Inc. (“Greenspring”). Other current equity investors in Crown include Hildred Capital Partners, LLC (“Hildred”) and Montreux Equity Partners, LLC (“Montreux”).
The acquisition of Keri from GSK marks the sixth product from GSK that Crown has acquired in the past five months. Keri has a long and successful history in the market, supported by dermatologists and healthcare practitioners across the world. Keri provides Crown with another major skin care brand with a rich heritage, that has provided elegant therapeutic formulations to consumers for decades.
“Acquiring the Keri brand supports Crown’s objective of providing its customers with a broad offering of skin care solutions for every age and skin type,” said Jeff Bedard, Crown’s President and CEO. “We approach our business with a cradle-to-grave philosophy. Our product portfolio treats, protects and nourishes skin of all ages. Keri is a welcomed addition to every daily skin care regimen, and we are proud to now have the opportunity to build on the brand’s heritage.”
“We continue to find ways to provide meaningful diversification for our consumer portfolio and enhance our breadth of trusted skin care therapies,” added David Solomon, Partner of Hildred and Chairman of Crown. “Providing value for our customers and investing in products they love is critical. We are committed to doing just that, and we are pleased to have Greenspring on board as a new equity partner with Montreux to continue supporting business development programs that enhance Crown’s consumer healthcare, aesthetic and prescription product lines.”
Financial terms of the transaction were not disclosed. Lowenstein Sandler, LLP acted as legal advisor to Crown, while Hildred, Montreux, and Greenspring provided equity financing in connection with the transaction. Hayfin Capital Management, LLP continues to act as the debt financing provider to Crown. Crosstree Capital Partners New York, LLC and Latham & Watkins (London) LLP served as financial and legal advisors, respectively, to GlaxoSmithKline.