FORT COLLINS - Water Pik Inc. closed a deal Monday to change its ownership to an investor group led by New York City-based private equity firm MidOcean Partners, CEO Richard Bisson said.

The ownership change came after EG Capital and the Carlyle Group decided to divest their ownership stakes of Water Pik, which makes dental water jets and showerheads. The MidOcean-led investor group, which includes private equity firm Vulcan Capital, headed by Microsoft co-founder Paul Allen, now own privately held Water Pik.

The ownership change will benefit Water Pik as it seeks to expand its international sales, Bisson said.

"They can help us meet more people who are in the consumer products business who may be able to help us expand and grow our business," said Bisson, who owns equity in Water Pik and will stay with the company.

Water Pik's 162 employees, including management, also will remain with the company, Bisson said. Terms of the deal were not disclosed.

The Carlyle Group and EG Capital Group acquired Water Pik in 2007. Bisson joined Water Pik in 2006 while working for Carlyle Group as part of a turnaround.

"We've transformed it truly to a value-added business," Bisson said about Water Pik. "There's been significant value creation: That means the company has grown top line, bottom line considerably (during) that time period."