Evriholder, with Private Equity Backing, Outlines Growth Initiatives
By Andrea Lillo
New Product and program development and aquisitions are on tap for Evriholder with its recent investment from private equity firm ClearLight Partners.
"We are extremely impressed and grateful for the support and confidence [ClearLight is] showing in us," said Gary Seehoff, CEO of Evriholder, whose product portfolio spans storage and organization, cleaning, bath and personal care, barware and kitchen categories. "Their resources are tremendous and we look forward to growing the company strategically with their guidance." Seehoff and Ivan Stein, Evriholder's president, have invested alongside ClearLight, Seehoff told HFN. He also stressed that there will "be no change in business operations...We've had wonderful growth and there will be no tinkering with that."
The investment will allow the company to become "bolder" with acquisitions, Seehoff said, and it will entertain purchasing "companies large or small, if they are involved in the same core track as we are." The company last purchased Drake-Williams, which markets bath, shower and spa products nationwide, in April.
The company will continue to focus on two core areas -- Evriholder products as well as licenses. "We will continue to build our depth and breadth of our existing product range and become a bigger program provider of impulse products," Seehoff said. The licensed area "will continue to grow," he said, and in the kitchen category that includes the newly added Sesame Street license and, earlier this year, Nesquik. The company has also made a push on seasonal programs, which provides for "year-round activity," he said. "It's a tremendous opportunity." In addition, he added that Evriholder wants to grow internationally, and already has a presence in Canada, the U.K., Latin America, Australia and Japan.
"Evriholder's strong track record of developing unique, innovative products is very impressive," said Jay Shepherd, the lead ClearLight partner on the transaction. "The company has truly established itself as the premier provider of impulse purchase housewares."
Evriholder last had an equity investment in August 2008 from CID Capital.