GR Health Products Company Buys In Europe
Grand Rapids-based Ranir, LLC an oral care consumer products company, announced the acquisition of Synpart Limited and Synpart AG, the English and German subsidiaries of Dublin, Ireland-based HemCon Medical Technologies Inc.
Synpart is a manufacturer and marketer of store brand oral care products in the European Community and a contract manufacturer for global branded oral care companies.
Ranir is a member of the InvestMichgian Growth Capital Fund portfolio of Farmington Hills-based Beringea, Michigan's largest venture capital firm.
Along with Ranir LLC, Synpart will become a division of Ranir Global Holdings LLC. The combined company is now the largest store brand oral care company in the world and a significant contract supplier to global branded oral care companies. The acquisition of Synpart will allow Ranir to build a global oral care footprint, increase its product offerings, expand its expertise in oral care and enhance its supply chain partnership network.
"Teaming with Synpart will not only allow us to accelerate our growth through international expansion in important U.K. and European markets but it will also expand our oral care product line and enable us to increase our commitment to innovation to exceed the expectations of our customer partners" said Christine Henisee, CEO of Ranir, who joined the company in 2003 and has more than 30 years of consumer products experience. "We expect to see oral care category growth fueled by the growing awareness of the connection between oral health and overall wellness in developed countries worldwide."
The investment from Beringea was made through the InvestMichigan Growth Capital Fund, a $185 million fund that provides venture and expansion-stage capital to promising emerging businesses in Michigan.
"The acquisition of Synpart puts a turbo-charge into Ranir's already impressive rate of growth," said Jeff Bocan, managing director at Beringea. "The company's accelerated expansion into Europe brings an exceptional Michigan company and its innovative products to the rest of the world."
Current Ranir management, including Henisee and CFO Joe Townshend, will continue to lead Ranir Global Holdings.
(c) 2010, WWJ Newsradio 950. All rights reserved.
