Scott’s Liquid Gold Acquires Biz and Dryel Brands

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Scotts Liquid Gold-Inc. (OTC: SLGD) today announced its acquisition of the Biz and Dryel specialty laundry products from CR Brands, Inc.

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Business Wire, Inc.Business Wire, Inc.
Retrieved on: 
Wednesday, July 1, 2020
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Other Consumer, Home Goods, Consumer, Discount, Variety, Retail, Biz, CR Brands, Scotts
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United States, Colorado
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BIZ AND DRYEL
Summary
Key Points: 
  • Scotts Liquid Gold-Inc. (OTC: SLGD) today announced its acquisition of the Biz and Dryel specialty laundry products from CR Brands, Inc.
    We are thrilled to bring two more high-quality, high-value brands into the Scotts portfolio, said Mark Goldstein, CEO of Scotts Liquid Gold, Inc. Biz is the top performing laundry additive in the market, and Dryel is the market leader in the at-home dry cleaning category.
  • Both brands strong national retail presence, loyal customer following, and ability to out-perform the competition made them a perfect fit with the rest of Scotts brands.
  • On June 25, 2020, Scotts agreed to acquire both the Biz and Dryel brands for a base price of $9.25 million plus the brands finished goods inventory of approx.
  • It was Established by Proctor & Gamble in 1968 and is sold in Powder, Liquid, and Liquid Booster Pack for a total of 7 SKUs.


Scott’s Liquid Gold-Inc. (OTC: SLGD) today announced its acquisition of the Biz and Dryel specialty laundry products from CR Brands, Inc.

“We are thrilled to bring two more high-quality, high-value brands into the Scott’s portfolio,” said Mark Goldstein, CEO of Scotts Liquid Gold, Inc. “Biz is the top performing laundry additive in the market, and Dryel is the market leader in the at-home dry cleaning category. Both brands’ strong national retail presence, loyal customer following, and ability to out-perform the competition made them a perfect fit with the rest of Scott’s brands.”

On June 25, 2020, Scott’s agreed to acquire both the Biz and Dryel brands for a base price of $9.25 million plus the brands’ finished goods inventory of approx. $1.2 million. Scott’s will also pay incremental consideration if sales are initiated to a key potential customer. The transaction closed on July 1, 2020 and was financed with cash on hand, a revolving line of credit, and a term note.

An overview presentation on the Biz and Dryel acquisition and its related financing is posted on the Investor Relations Section of the Company’s website at www.slginc.com.

About Biz and Dryel

Biz is the top performing laundry additive in the market, utilizing a proprietary enzyme-based formula to fight stains and eliminate odors. It was Established by Proctor & Gamble in 1968 and is sold in Powder, Liquid, and Liquid Booster Pack for a total of 7 SKUs.

Dryel is the market leader in the at-home dry cleaning category, representing approximately 65% of the at-home dry cleaning market in 2019. It was established by Proctor & Gamble in 1998 and is sold primarily in a consumer starter kit with refills.

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