Evriholder Products today announced the completion of an agreement to acquire the assets of Spongeables, LLC, a Los Angeles-based bath, health and beauty technology company. Spongeables holds several patents worldwide including a patented “infusion” technology in a proprietary manufacturing process that combines time released cleansing soaps, gels and other skincare ingredients into a hypoallergenic sponge matrix thereby creating all-in-one convenient, long-lasting products, according to Evriholder.
The products combine multiple solutions, namely a sponge, the cleanser (soap or gel), massage and exfoliation into one multifunctional product. Spongeables’ products are sold nationally and internationally, in specialty stores and health and beauty stores that are both mass and specialty, mass and drug retailers.
Currently, the company produces more than fifty products under the Spongeables label and as private label for several customers. Evriholder plans to continue to sell the Spongeables products, while developing new ones to grow the signature brand and private label products. Spongeables recently acquired the licenses to Nickelodeon’s SpongeBob SquarePants and Dora the Explorer 1. According to Evriholder, the licenses were signed in early 2013 and will be developed and marketed extensively in Evriholder’s channels over the next twenty-four months.
Spongeables co-founder and CEO, Michael Popovsky, will join Evriholder as a senior vp, primarily responsible for product development of the Spongeables line of HBA and personal care items utilizing their patented technology and developing new patented technologies.
Spongeables co-founder and president Elaine Binder will continue to market the Spongelle brand to the high end of retail under license, producing and selling product to spas, hotels, salons, and department stores, and will join the team in a sales representative capacity, continuing to manage certain domestic and international accounts.
“We are very excited to add this asset to our portfolio of great impulse items and believe there is a tremendous upside to taking it to our key markets,” said Gary Seehoff, CEO of Evriholder Products. “It has been an absolute pleasure dealing with the Popovskys who have built a very unique company and differentiated problem solution product that fits Evriholder’s impulse strategy beautifully. Our private equity sponsor, ClearLight Partners was very active in helping us close this deal and are extremely supportive in our acquisition endeavors.”