NEW YORK, June 11, 2012 /PRNewswire/ -- Centre Partners, a leading middle market private equity firm, announced today that it has acquired Taylor Precision Products, Inc. ("Taylor") from Homedics, Inc. Taylor, based in Oak Brook, Illinois, is the leading North American marketer of a wide range of consumer and foodservice precision measurement products, including kitchen scales, thermometers and timers; bath scales; and outdoor weather measurement products, under a variety of owned and licensed brand names including Taylor®, HoMedics® and Salter®.
Taylor's heritage dates back over 160 years and the company boasts a reputation for providing accurate and high-quality products to a diverse spectrum of retail customers, ranging from high-end specialty stores to mass merchandisers, hardware stores, club stores and grocery retailers. Taylor has maintained market leadership by providing high-quality, attractive products at a competitive price for consumers, together with outstanding retail customer service and support.
Bruce Pollack, a Managing Partner of Centre Partners, said, "We are pleased to invest in Taylor and to establish the business as an independent company. We look forward to supporting Taylor by providing important resources, including capital, further strengthening its management team and implementing new product and marketing initiatives."
Centre operating partner Rob Kay has been named Executive Chairman of Taylor, joining the current team led by Don Robinson. Mr. Kay is the former Executive Chairman of Kaz, Inc., a leading manufacturer of home environment appliances, including vaporizers, humidifiers, thermometers, and heating pads that was previously a Centre Partners portfolio company.
Mr. Kay added, "I am proud to have another opportunity to lead a Centre Partners company. The acquisition of Taylor is a unique opportunity to buy and build a leading company in the branded consumer products sector, where we have considerable prior experience and success. Taylor has a number of well-established brands in its portfolio and is well-positioned as a platform for growth through organic initiatives and acquisitions."
Mr. Pollack continued, "We are excited to partner again with Rob Kay who has a successful track record of building businesses in the consumer products sector. Rob's expertise will complement that of Don Robinson and Taylor's talented management team."
"We're extremely pleased to be a part of the Centre Partners team and to work alongside Rob Kay," added Mr. Robinson. "Centre's expertise and support, combined with Rob's operational experience, will be very valuable as we grow our business."
Sawaya Segalas & Co., LLC* acted as exclusive financial advisor to the seller in connection with the transaction. *Securities offered through Sawaya Segalas Securities, LLC.
About Centre Partners
Centre Partners, founded in 1986, is a leading private equity firm with a middle market focus that seeks to make acquisitions and equity investments alongside management teams who have or desire to make a meaningful economic stake in the future success of their businesses. Centre Partners has invested over $3 billion in more than 90 transactions, partnering with management teams across a broad spectrum of industries. Centre Partners provides those teams with access to its unique resources, which include an extended network of experienced and proven operating executives. The firm is currently investing through its fifth fund. Additional information is available at www.centrepartners.com.
About Taylor Precision Products, Inc.
Founded in 1851 as a family-owned household thermometer business, Taylor Precision Products, Inc. is a leader and recognized expert in precision measurement products, including kitchen scales and thermometers, bath scales and weather & outdoor household products. Over time, Taylor has broadened its brand portfolio to include owned brands such as Taylor® and Springfield®, premium brands under long-term licenses such as HoMedics® and Salter®, selected lifestyle brands under license such as The Biggest Loser® and Bowflex®, as well as private label products for select customers. Additional information is available at www.taylorusa.com.
SOURCE Centre Partners