Rubbers hit the road in Lifestyles auction, PE finishes first

Private equity’s back trying the old Ansell condoms business on for size, with expectations brewing of a $US500 million-plus transaction in coming weeks.

Lifestyles condoms - which in 1987 said in an advert, a woman says: “I’ll do a lot for love, but I’m not ready to die for it”, to directly confront the AIDS epidemic - is poised for a change of control.Sources said the PE firm was trying to finalise the transaction with LifeStyles’ owners - a private equity consortium headed by China’s CITIC and Humanwell Healthcare, who paid Ansell $US600 million for the business five years ago.

Investment banks Houlihan Lokey and Sawaya Partners were appointed to run the auction this time last year, and after a marathon session the talks are said to be finally heading to a climax.It remains to be seen which American private equity group takes the plunge with LifeStyles. Whoever it is will be seeking to take on No.1 player Reckitt Benckiser Group, the Anglo-Dutch owner of Durex.

LifeStyles’ history dates back to 1905, when Eric Ansell started making condoms out of the company’s factory in Richmond, Victoria. Its brands today also include other latex condom labels Jissbon, Manix, Unimill and Blowtex, and its non-latex line SKYN.

Great pun

Sounds like it will be a good fit…

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