Linden and Edgewater Announce Sale of BarrierSafe
Chicago, Illinois, (November 3, 2011) – Linden Capital Partners (“Linden”) and The Edgewater Funds (“Edgewater”) announced the sale of BarrierSafe Solutions International, Inc., (“BarrierSafe”) to Odyssey Investment Partners, a New York and Los Angeles based private equity firm.
Based in Lake Forest, IL, BarrierSafe is a preeminent player in the $2.0 billion U.S. disposable protective glove segment of the Personal Protective Equipment industry. The company designs, develops, and markets a comprehensive suite of disposable gloves and other related products that serve the needs of users across a diverse range of growing, niche markets with favorable regulatory and secular tailwinds. Formed in 2004 through the merger of two industry leaders, Microflex Corp. and FoodHandler, Inc., BarrierSafe today provides in excess of six billion single-use gloves annually and commands leading market positions in its primary end markets.
Linden led a control investment in BarrierSafe in October 2007 and partnered with Edgewater and management as minority investors in a buyout from the company’s prior private equity owners. Linden and Edgewater successfully managed the integration of two businesses while recruiting new leadership, relocating headquarters, streamlining operations, and working closely with senior management to grow revenue and market share in select markets, both organically and through acquisitions. Throughout Linden’s ownership, BarrierSafe’s revenue and EBITDA have grown over 20% and 30%, respectively.
Mike Mattos, President and CEO of BarrierSafe, said, “Linden and Edgewater were instrumental in helping us build a world-class company and in providing us the support and guidance to grow profitably. Their expertise was invaluable as we streamlined our businesses while helping us grow strategically through additions in personnel, new customer and product introductions, and add-on acquisitions. We now look forward to working with the team at Odyssey Investment Partners to continue to build upon our past success.”
Robert W. Baird & Co. Inc. provided financial advisory services to BarrierSafe on the transaction and Kirkland & Ellis LLP provided legal advice.