What’s a small-business owner to do when family doesn’t want the family business? These days, the answer is often to sell a stake to a private-equity firm.
in 2018 for $1.9 billion, L Catterton and the Lang family earned a whopping eight times their money based on the value of their stakes when the private-equity firm invested.L Catterton Managing Partner Andrew Taub, far left, and co-CEO Scott Dahnke, far right, with members of the Lang family at a dinner in 2018.Buyouts can come at different points in a company’s life cycle. Some involve taking a public company private; others are meant to prepare a private company to go public someday.
The company has grown so much that the check Mr. Clendenen received from his less-than-5% stake in the most recent sale to Waud was bigger than what he and his original partner received when they first sold in 2006. Buyouts typically increase risk because a significant portion of the purchase price is financed with debt. Scores of private-equity-backed companies have gone bankrupt under the weight of debt loads they couldn’t afford, resulting in the loss of thousands of jobs.
The new CEO, who came from a large consumer-packaged goods company, ramped up production with the goal of boosting sales of its No-Ad, Ocean Potion and Bullfrog sunscreens. The new owner, private-equity backed Kik Custom Products Inc., closed Sun & Skin Care Research’s Florida factory, putting 130 people out of work.
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