Castle Harlan and Branford Castle Partners have become the latest private equity owners of spray tanning equipment manufacturer Sunless Inc, after buying the business from The Riverside Company.
The Ohio-headquartered company makes spray tanning booths as well as spray tanning solution and related accessories. Sunless products are installed in tanning salons, fitness clubs, beauty salons and other retail channels.
Riverside bought Sunless in 2011, three years after the business formed through the merger of Mystic Tan and VersaSpa.
“Sunless is an excellent opportunity to acquire the leader in a growing and recurring consumer market,” said Castle Harlan managing director Eric Schwartz. 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.”
The Riverside Company is looking to pull in $1.5bn for its latest flagship fund, according to a regulatory filing from May. Earlier this year, the buyout house bought family-owned Italian mineral water producer La Galvanina.
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