An affiliate of private equity firm HIG Capital (HIG) has completed the sale of its portfolio company Matrixx Initiatives 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 utilise innovative drug delivery systems for over 20 years.
In February 2011, HIG 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.
HIG Managing Director Fraser Preston, says: “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.”
