New York private equity firm AEA Investors LLC stands to gain the whole ball of wax, and more, selling portfolio company Burt's Bees Inc. to Clorox Co. for $925 million (net of an additional $25 million for expected tax benefits).
The firm, which bought the company four years ago for $180 million, investing $80 million in equity, hired Goldman, Sachs & Co. to run the auction earlier this year. The team included Tim Ingrassia, Kathy Elsesser, Hitesh Hajarnavis and Linda LaGorga. When news of the auction broke in September, sources told The Deal that the company, known for its beeswax lip balm and other natural-materials-based personal-care products, could go for up to $1 billion. Already having profited on the company, AEA stood to take home most of an $80 million to $85 million planned dividend after arranging $183 million in new debt in 2005. — Carolyn Murphy
See Clorox press release
See TheDeal.com story Sept. 25 about the auction
See TheDeal.com story on 2005 dividend
See TheDeal.com story about the $180 million deal
