Castle Harlan and Branford Castle Acquire Sunless, The Global Leader in Spray Tanning Solution and Equipment
NEW YORK, August 13, 2019-- Castle Harlan, Inc. and Branford Castle Partners L.P., the affiliated New York private equity firms, today announced they have acquired Sunless, Inc., the world's preeminent manufacturer and marketer of spray tanning equipment, spray tanning solution and related accessories. For nearly two decades, the Company has been providing consumers with natural looking tans through the market leading brands MysticTan, VersaSpa and Norvell.
The sellers included funds controlled by the private equity firm, Riverside Company, and certain current and former management. The deal closed on August 13. Terms were not disclosed.
Headquartered in Macedonia, OH, Sunless is the recognized industry leader in spray tanning booths, first commercializing its products in 2000. Sunless's booths are installed in thousands of tanning salons, fitness clubs, beauty salons and other retail channels, and are responsible for more than 12 million spray tans per year. The Company has developed proprietary knowledge, including several patents, for its spray tanning booths and solution to ensure a high quality and uniform tan. In addition to the booth market, Sunless is also the global leader in handheld spray tanning equipment and solution used by airbrush artists to manually apply full-body spray tans.
"Sunless is an excellent opportunity to acquire the leader in a growing and recurring consumer market," said Eric Schwartz, Managing Director of Castle Harlan. "Demand for spray tanning is strong. It is amazing how quickly consumers who try spray tanning become regular adopters, and we expect this trend to continue in the coming years."
John S. Castle, President and CEO of Branford Castle, said, "Spray tanning is quick, easy, and allows people to look awesome. Branford's deal team has been looking especially great since due diligence started. Further, we are very excited to work closely with the company's customers to best address their needs and grow the industry as a whole."
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests and the development of middle-market companies throughout North America, Europe and Australia. Its team of senior investment professionals has completed over 50 acquisitions since its inception, worth an aggregate enterprise value in excess of $11 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s. Castle Harlan's current portfolio companies employ more than 10,000 people, and include Shelf Drilling, one of the largest worldwide contractors of jack up drilling rigs for shallow water applications; Tensar Corporation, the leading global designer and manufacturer of foundation improvement technologies for the infrastructure, transportation and construction markets; Gold Star Foods, the leading nutritional food distributor to K-12 schools on the U.S. west coast; Titan Production Equipment, a leader in the design, engineering and fabrication of oil and gas production equipment; and Caribbean Restaurants, the leading restaurant operator and exclusive Burger King and Firehouse Subs franchisee on the island of Puerto Rico with more than 180 locations. Additional information about Castle Harlan is at www.castleharlan.com.
About Branford Castle Partners
Building from the foundation of its affiliate, Branford Castle, Inc., Branford Castle Partners is an active investor in small-to-medium-sized private companies. With each new investment, Branford builds on its 30-year history of helping to grow businesses. The firm typically makes control investments in companies with up to $100 million in total enterprise value and a leadership position in a niche industry. Branford Castle Partners has particular experience in the industrials, consumer goods & services, and transportation & logistics industries. Additional information about Branford Castle is at www.branfordcastle.com.
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