Hubbard sells GilChrist & Soames


GilChrist & Soames, a local company owned partly by businessman Al Hubbard, who now directs the National Economic Council, has been sold for $51 million.

Buying the Indianapolis maker of soaps, toothpaste and other hotel toiletries is Swander Pace Capital, a San Francisco private-equity firm. The deal is being financed by Allied Capital Corp. of Washington, D.C.

A release from Allied said that the new owners look forward to growing the business.

GilChrist & Soames had been owned by E&A Industries Inc. since 1998. Hubbard is a partner in E&A Industries.

In August, GilChrist & Soames announced that it would recall some toothpaste made in China because small samples were found to be contaminated with diethyhlene glycol, a chemical used in cork, printing ink and other products.

The company is located at 1535 E. Naomi St., southeast of downtown Indianapolis.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.