THE WHAT? Private equity firm River Associates has acquired Diamond Wipes, a North American contract manufacturer of wet wipes and liquid-fill personal care products.
THE DETAILS Diamond Wipes provides end-to-end contract manufacturing services spanning product development, R&D and formulation, manufacturing, filling, packaging, quality testing and distribution. The company operates facilities in California and Wisconsin and serves brands, retailers and distributors across cosmetics, personal care and other consumer categories. Previously owned by Nolan Capital, Diamond Wipes will become a platform for further expansion under River Associates, with the companies planning both organic investment and strategic add-on acquisitions. Potential targets include manufacturers of wipes, liquids and other personal care products, as well as businesses that could add new product, geographic or manufacturing capabilities. Financial terms were not disclosed.
THE WHY? The acquisition gives River Associates a platform in the beauty and personal care contract manufacturing market, with opportunities to expand Diamond Wipes’ capabilities and scale through further M&A. For cosmetics brands, the deal also highlights continued private equity interest in manufacturers providing outsourced formulation, production and packaging capabilities.
Source: PR Newswire
