Indianapolis Business Journal – 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.