Meridian Capital LLC, a leading independent middle market investment bank and M&A advisory firm is pleased to announce that its client, BioFilm, Inc., has signed a definitive agreement with COMBE Inc.. The transaction is subject to regulatory approval and is expected to close in the second quarter of 2023.
Based in Vista, California, BioFilm is a pioneering leader in the sexual wellness category primarily through its flagship brand, ASTROGLIDE®. Invented by rocket scientist, Daniel X. Wray nearly 30 years ago, the Company has successfully established itself as the 2nd largest and fastest-growing brand in the U.S. and distributes product in over 40 different countries.
The acquisition allows BioFilm and the ASTROGLIDE® brand to continue to expand its market leadership position in an evolving and growing category and preserve its legacy of strategic and cultural values through the combination of the two women-owned, women-led family enterprises. COMBE expects to partner with the existing BioFilm management team and leverage BioFilm’s operating platform to continue to drive the expansion and growth of ASTROGLIDE® in the U.S. and internationally.
Lois Wray, Co-Founder and Chairman of BioFilm, shared “I am proud of the dynamic business my family and our team of amazing employees have built. The Meridian team provided unparalleled service in helping our team manage our way through an unfamiliar process and strategically position us for success in finding the right partner for the next chapter. I am delighted to have our company be acquired by the COMBE family as we believe it represents the ideal home for our business and brand.”
Keech Combe Shetty, COMBE Executive Chair, stated “Sexual Health & Wellness is an important category for COMBE and ASTROGLIDE® represents a powerful addition to our existing portfolio of leadership brands. Our mission has always been to serve the most personal, personal care needs of our consumers, and ASTROGLIDE® aligns perfectly with that mission.”
Brian Murphy, President and Managing Director at Meridian stated, “BioFilm offers a unique combination of brand recognition, category leadership, manufacturing and R&D capabilities, and management depth compared to peers in the sexual and intimacy wellness category. These characteristics powered the Company into the success that it is today and fostered a highly competitive transaction process with some of the most experienced investors and participants in the industry. It was a privilege to work with the BioFilm team and we are excited about their new partnership with COMBE.”
Meridian Capital served as the exclusive financial advisor to BioFilm on the transaction, while Maupin, Cox & LeGoy provided legal advisory services. CG Sawaya Partners LLC served as lead financial advisor to COMBE, while Fried, Frank, Harris, Shriver & Jacobson LLP provided legal advisory services.
The transaction represents continued momentum for Meridian’s Consumer practice, particularly within its personal care, wellness, and intimacy categories. Other recent transactions include:
• Good Clean Love Receives Growth Equity from Corbel Capital Partners
About Meridian Capital
Meridian Capital LLC has served as a trusted advisor to business owners on complex corporate finance, M&A and strategic challenges for over 28 years. The firm differentiates itself through its deep industry insights, highly customized service approach, and end-to-end commitment to execution. With a unique combination of financial, transactional, and operational professionals on your side, Meridian offers the depth and breadth of experience required to serve leading middle market companies in multiple sectors including aerospace & defense, agribusiness, business services, consumer, diversified industrials, engineering & construction, building products, food and beverage, technology, and telecommunications. Meridian also offers clients unparalleled cross-border capabilities through its Global M&A Partners network.