Consumer Products
BioFilm, Inc., Creator of Leading Sexual Wellness and Personal Care Brand, ASTROGLIDE®, to be Acquired by COMBE Inc.
Published May 31, 2023
SEATTLE, WASHINGTON – May 31, 2023 – CLA Meridian Capital (“CLA Meridian Capital”), a leading independent middle market investment bank and M&A advisory firm is pleased to announce that its client, BioFilm, Inc. (“BioFilm” or the “Company”), has signed a definitive agreement with COMBE Inc. (“COMBE”). 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 CLA Meridian Capital 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 CLA Meridian Capital 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.”
CLA 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 CLA Meridian Capital’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
For more information, please contact:
Managing Principal of Investment Banking
About CLA Meridian Capital
CLA Meridian Capital is the investment banking division of CliftonLarsonAllen (CLA) Wealth Advisors, LLC, an SEC registered investment advisor and broker dealer, member FINRA/SIPC. With 30+ years of middle-market M&A and financial advisory experience, $22 billion in total transaction value, and deep industry knowledge across the Consumer, Industrials, and Technology sectors, CLA Meridian Capital helps our clients preserve the value they’ve built and the legacies they leave behind.
