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View Case StudyFebruary 10, 2004
Branded Products Sold Include Compound W,
Denorex, Cutex and New-Skin
TSG Consumer Group

SAN FRANCISCO, CA — The Shansby Group (TSG), a leading private equity investment firm specializing in branded consumer products, announced today the sale of Medtech Holdings, Inc., a marketer and distributor of well-recognized branded health and beauty care products, to GTCR Golder Rauner, LLC (GTCR), a leading private equity investment firm.

Medtech's leading products include Compound W® wart remover, Denorex® medicated dandruff shampoo, Cutex® nail polish remover and New-Skin liquid bandage. The Irvington, NY-based Company will continue to be run by its current management team, led by CEO and Chairman Peter Mann. Mr. Mann has a long and successful track record in the consumer products industry, including his tenure as President of the Americas Group at Block Drug prior to Medtech.

Sawaya Segalas & Co., LLC, a leading consumer products investment banking firm served as exclusive financial advisor to Medtech Holdings and The Shansby Group; Ropes & Gray provided legal counsel.

"Peter Mann and his team have done a superb job of positioning Medtech for additional acquisitions and growth," said J. Gary Shansby, co-founder and a managing director of The Shansby Group. "GTCR also has an excellent track record as an investor, and the new association, we are confident, will prove valuable to both."

"We're very excited about partnering with Medtech to build on its strong presence in over-the-counter pharmaceuticals and personal care products" said GTCR Principal Vincent Hemmer. "Peter has an outstanding track record of building successful companies through acquisitions. Our investment in Medtech is another example of GTCR's investment strategy of backing exceptional executives who are leaders in their industry."

The Shansby Group launched Medtech following its acquisition in 1996 of 11 over the counter topical ointments and internal analgesic brands from American Home Products. A number of acquisitions followed and, in June 2001, Mr. Mann and his associates at Block Drug were recruited to manage Medtech following the acquisition of Block Drug by GlaxoSmithKline PLC.

"Medtech has been an extremely successful investment for our Partnership," said Charles H. Esserman, co-founder and a managing director of The Shansby Group. "We identified early on the opportunity to acquire orphan brands from large consumer companies, at reasonable prices, and then build value with dedicated marketing, sales and operations management. With each of our investments, whether it be natural foods, ethnic foods, or orphan brands, our deal team has identified emerging trends which have proven to have very favorable investment characteristics."

Under The Shansby Group, Medtech developed a track record of profitable growth through brand innovation, product line extension and strategic acquisitions. For example, the Company recently introduced Compound W® Freeze Off, a cryogenic wart treatment that accelerates the treatment time for warts from weeks to days.

About The Shansby Group
The Shansby Group, founded in 1987, is a leading private equity firm focused exclusively on investing in branded consumer product companies. With over $800 million in capital under management, The Shansby Group has invested in such brands as Terra Chips, Glaceau VitaminWater, Don Miguel, Meguiar's, Harry's Fresh Foods, Famous Amos, MET-Rx, Mauna Loa Macadamia Nuts and others. The firm works closely with management teams to build leading companies and strong brands.

About GTCR Golder Rauner, LLC
Founded in 1980, GTCR Golder Rauner is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to build leading companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. For more information, visit www.gtcr.com.
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