Dallas-based private equity firm Valesco Industries has made an investment in Earthlite, a California-based provider of wellness equipment and products including consumable supplies and accessories for the spa and massage markets.
The deal, which saw Valesco complete a majority buyout of the previous ownership group in partnership with management, is the third platform investment from the firm’s Valesco Fund III.
Subordinated debt for the deal was also provided by Valesco, while a revolver was provided by a senior lender who is also an investor in Valesco Fund III. CIBC Capital Markets advised Earthlite.
Earthlite’s portfolio includes wellness brands Living Earth Crafts and Tara Spa Therapy.
Valesco was founded in 1993 and focuses on buyout, mezzanine, recapitalisation and growth investments in middle-market companies across south central US, particularly in the manufacturing, value-added distribution and service businesses sectors, according to Preqin’s database.
