Prestige Brands to buy women's healthcare products maker CB Fleet for $825 mn
23 December 2016
Prestige Brands Holdings Inc, a US marketer and distributor of feminine care and other over-the-counter (OTC) healthcare products, yesterday struck a deal to buy women's healthcare products maker CB Fleet Co from private equity firm Gryphon Investors for $825 million in cash.
Prestige Brands, based in New York, said that the acquisition moves the company towards its stated goal of 85 per cent ''invest-for-growth'' revenue and is expected to result in pro forma revenues of approximately $1 billion in fiscal 2018.
Founded in 1869 by Charles Browne Fleet, Fleet is a consumer healthcare manufacturer and marketer of personal care and over-the-counter products in the feminine hygiene, gastrointestinal, and infant care categories.
It has more than 100 personal health and beauty products and some of its well known products include Summer's Eve feminine hygiene products, the Fleet disposable enema, Pedia-Lax laxatives for children, Phazyme anti-gas medication, and the Boudreaux's brand of baby products.
The company has a presence in North America, Asia Pacific, and Latin America.
Gryphon, along with several institutional co-investors and management, originally invested in Fleet in 2014.
Ron Lombardi, CEO of Prestige, said, ''The acquisition of Fleet further enhances our women's healthcare platform, currently anchored by Monistat, with the addition of Summer's Eve. Upon closing, Summer's Eve will also be our largest brand with over $125 million in sales. In addition, the transaction adds the leading brands of Fleet and Pedia-Lax to our gastrointestinal category, expanding the brands we offer in this category.''
Prestige Brands markets and distributes brand name OTC and household cleaning products throughout the US and Canada, Australia, and in certain other international markets.
The company's core brands are in sore throat treatments, eye care products, wart treatments, dental protection and pediatric.