Portfolio Companies
Current Portfolio Companies
Kenra, Ltd.
Lise Watier Cosmétiques Inc.
Procaps, LP
Schulman Associates IRB
Kenra, Ltd.
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A Leading Manufacturer and Marketer of Professional and Ethnic Hair Care Products.
The operating assets of Kenra were acquired by Imperial Capital in February 2007. Kenra, based in Indianapolis, has produced and marketed professional hair care products since 1959. Together with its flagship Kenra brand, the company produces and markets the Kenra Platinum line of products, consisting of advanced shampoos, conditioners and styling formulas for colour-treated and damaged hair. Kenra also produces and markets Elasta QP, a line of ethnically-oriented hair care products. Kenra’s products are marketed to professional salons throughout North America and have had significant regional success in specific areas throughout America, including the Midwest, the Southeast and California. Imperial Capital believes the company has a strong brand that will be able to further penetrate the North American market, and that the company represents a strong platform for future growth.
Investment Thesis
The vision for Kenra is to capitalize on the strength of the Kenra brand by growing sales in under-penetrated geographic markets and distribution channels throughout the United States and Canada, and to acquire companies in the professional hair care segment that provide product diversification or benefit from Kenra’s existing channels of distribution.
Website: www.kenra.com
Lise Watier Cosmetiques Inc.
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A Leading Canadian Cosmetics, Skincare and Fragrance Products Developer and Marketer.
Lise Watier Cosmetiques Inc. (“LWC”), based in Montreal, Quebec, was acquired by Imperial Capital in March 2007. Since 1972, LWC has developed and marketed high-quality, prestige cosmetics. Madame Watier’s original philosophy was that beauty should be accessible to all women and this inspired the development of superior prestige products offered at affordable prices. LWC has expanded nationally and into new product categories, including fragrances and, most recently, skincare products – the fastest growing sector of its business and of the beauty care industry. The compelling value proposition has enabled LWC’s founder, Madame Watier, to create one of the fastest growing cosmetics companies in Canada. LWC’s products have recently been marketed with great success across Canada and internationally (including France, Spain, the Middle East, the Philippines, and Russia). Imperial Capital believes the company has an excellent, well-respected brand that is able to further penetrate the Canadian market, and which can be leveraged into other international markets.
Investment Thesis
The vision for LWC is to grow the business (i) domestically through the introduction of new products into existing channels of distribution and increasing penetration in markets outside of Québec, (ii) internationally by concentrating on building distribution of the brand in specific high potential markets, and (iii) through strategic acquisitions of companies that can lever off of its existing distribution channels.
Website: www.lisewatier.com
Procaps, LP
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A Canadian-based Manufacturer, Marketer and International Distributor of Paintball Products.
In March 2005, the assets of Procaps Encapsulation Inc. and Airtech Industries Inc. were acquired to form Procaps as a platform for growth in the sporting goods industry. Procaps, headquartered in Montreal, Canada, is the world’s largest manufacturer of paintballs, and is a marketer and full-line distributor of paintball products, including masks and goggles. Procaps created its own American distribution network in early 2006, Procaps Direct, which is now the 3rd largest distribution company in the American paintball industry. Procaps Direct now has six climate-controlled warehouses, has expanded its product offering to 1,000 product SKUs, and has over 1,000 dealers in the US. In addition, Procaps has an approximate 30% share of the European paintball market.
Investment Thesis
The vision for Procaps is to grow the business organically throughout North America and internationally and to pursue consolidation opportunities either within the paintball sector or within the broader sporting goods industry in North America.
Website: www.procapsdirect.com
Schulman Associates IRB
A U.S. Based Independent Institutional Review Board
Imperial Capital invested in Schulman Associates IRB, Inc. in October 2008. Schulman, based in Cincinnati, Ohio, is one of the largest independent institutional review boards ("IRB") in the United States. Over its 25 year history, the company has grown into an internationally recognized name in the protection of human subjects in clinical trials. It primarily serves the pharmaceutical and medical device industries as a Central IRB on research involving drugs, medical devices and biologics. In that role, Schulman, an accredited IRB, reviews research protocols and consent documents from clinical trials to evaluate compliance with human subject protection regulations.
Investment Thesis
Schulman's business is a prudent investment because it addresses the growing demand for clinical research testing of new drugs and medical devices, which target the proliferation of chronic diseases and increasing prevalence of diseases associated with an aging population. The vision for Schulman is to grow the business organically throughout North America and to continue to provide the highest level of human subject protection.
Website: www.sairb.com
