NEW YORK, Aug. 15, 2019 /PRNewswire/ -- Castle Harlan, Inc., the New York private equity firm, announced they have acquired Sunless, Inc., the world's preeminent manufacturer and marketer of spray tanning equipment, tanning solution and related accessories. For nearly two decades, the company has been providing consumers with natural looking tans through the market leading brands Mystic Tan, Norvell and VersaSpa.
The seller was the private equity firm, The Riverside Company. The deal closed on August 13. Terms were not disclosed.
Headquartered in Macedonia, OH, Sunless has been the pioneer in the spray tanning market, first commercializing spray tanning booths in 2000. Sunless' booths are installed in thousands of tanning salons, fitness clubs, beauty salons and other outlets, and are responsible for more than 12 million spray tans per year. The Company has developed proprietary knowledge, including several patents, for its spray tanning booths and solution to ensure a high quality sunless tan. In addition to the booth market, Sunless is also the global leader in handheld spray tanning equipment and tanning solution used by professional airbrush artists to manually apply full-body spray tans.
"Sunless is a compelling opportunity as the leader in a growing and recurring consumer market," said Eric Schwartz, Managing Director of Castle Harlan. "Demand for spray tanning is strong. It is amazing how quickly consumers who try spray tanning become regular adopters, and we expect this trend to continue in the coming years."
Chief Executive Officer of Sunless, Inc. Peter van Niekerk said, "Castle Harlan has the financial resources and ambition to help Sunless, Inc. drive exciting further innovation and revenue growth with its valued channel partners. We look forward to partnering with the Castle Harlan team. We are at an exciting point of time for the spray tanning industry, and we view this transaction as a catalyst for the industry's next chapter of growth."
About Sunless
Sunless, Inc., of Macedonia, OH, is the recognized industry leader in sunless tanning with spray tanning booths, professional-grade tanning solutions and lotions and innovative airbrush equipment and solution, marketed under the leading brands Mystic Tan, Norvell and VersaSpa. Sunless, Inc. distributes in the United States and international markets. www.SunlessInc.com.
About Castle Harlan
Castle Harlan, founded in 1987, invests in controlling interests and the development of middle-market companies throughout North America, Europe and Australia. Its team of senior investment professionals has completed over 50 acquisitions since its inception worth an aggregate enterprise value in excess of $11 billion. The firm traces its roots to the start of the institutionalized private equity business in the late 1960s. Castle Harlan's current portfolio companies employ more than 10,000 people, and include Shelf Drilling, one of the largest worldwide contractors of jack up drilling rigs for shallow water applications; Tensar Corporation, the leading global designer and manufacturer of foundation improvement technologies for the infrastructure, transportation and construction markets; Gold Star Foods, the leading nutritional food distributor to K-12 schools on the U.S. west coast; Titan Production Equipment, a leader in the design, engineering and fabrication of oil and gas production equipment; and Caribbean Restaurants, the leading restaurant operator and exclusive Burger King and Firehouse Subs franchisee on the island of Puerto Rico with more than 180 locations. Additional information about Castle Harlan is at www.castleharlan.com.
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