|FOR IMMEDIATE RELEASE
October 14, 2008
Prospect Partners Invests In Tender Corporation
Leading Manufacturer of Personal Care Products Will Pursue Acquisitions, New Product Development
CHICAGO, Ill.—October 14, 2008: Lower-middle-market private equity firm Prospect Partners, LLC, today announced the formation of Tender Products, Inc. to invest alongside management led by CEO Jason Cartwright in Tender Corporation of Littleton, New Hampshire. Tender is a leading manufacturer of well-known over-the-counter personal-care and active outdoor products.
Founded in 1975, Tender produces a full line of insect bite treatments and repellents, first-aid treatments, sunburn and windburn products, and activity-specific first aid kits and survival gear. The company is perhaps best known for AfterBite®–The Itch Eraser™, which continues to be the best-selling brand in the bite treatment category more than 30 years after its release. Tender produces insect repellents that target specific niches within the broader insect repellent category, including both DEET-based and DEET-free products under the Ben's® and Natrapel® brands, respectively. The company also owns Adventure® Medical Kits, which it acquired in 2003 and which is the premier designer of high-end adventure and survival gear for outdoor enthusiasts. Sold to the food, drug, mass merchandise and outdoor and sporting good retail channels, Tender's products can be found in over 40 countries.
For Prospect Partners, which invests opportunistically in unique small companies in niche consumer, commercial, manufacturing and specialty distribution and service markets, Tender is a true niche innovator with strong leadership, strong brands and many opportunities for growth, said Rick Tuttle, Principal. "We look forward to working with management to continue the company's success, developing new products and pursuing strategic partnerships and select acquisitions."
Added Tender's CEO Jason Cartwright, "The backing of an experienced partner like Prospect Partners, especially in these challenging economic times, demonstrates the immense confidence it has in our management team's forward-thinking philosophy and in the talent of our employees."
In addition to manufacturing, Tender has entered into strategic partnerships that expand its base of products and retail distribution network. The company is the exclusive distributor of Strategic Science Technologies, LLC's HealthiFeet®, a moisturizing cream that helps treat people who suffer from the discomfort associated with neuropathy and poor foot circulation. Tender also will be the exclusive distributor of Z-Medica Corp.'s QuikClot®, which stops traumatic bleeding and is used by the U.S. military and by emergency room professionals throughout the country.
With the investment, Mr. Tuttle will serve as Chairman of Tender's Board of Directors.
Prospect Partners is the nation's most experienced private equity firm focused on investing in small lower-middle-market companies with revenues under $50 million. Tender Products is the 14th platform investment in Prospect Partners' second fund, Prospect Partners II, L.P., and is the firm's 71st investment since its inception in 1998.
About Prospect Partners, LLC
Prospect Partners, of Chicago, Illinois, is a leading lower-middle-market private equity firm managing $270 million in two funds. A highly experienced, active and committed smaller-company investor, Prospect Partners focuses exclusively on management-led leveraged acquisitions of niche market leaders with revenues typically between $10 million and $50 million. Since its inception in 1998, Prospect Partners has invested nationwide in more than 70 leading companies across a broad range of niche markets, including consumer, commercial, manufacturing, distribution and consumer and business services.