Prestige Brands completes C.B. Fleet acquisition

1/27/2017

TARRYTOWN, N.Y. — Prestige Brands completed its previously announced acquisition of C.B. Fleet for $825 million.


 As part of the transaction, Prestige Brands acquired multiple feminine hygiene, gastrointestinal care and infant care over-the-counter brands, including Summer's Eve, Fleet, and Pedia-Lax, as well as a "mix and fill" manufacturing facility in Lynchburg Va. 


The merger was first announced on Dec. 22. Prestige Brands announced the transaction was completed via a Form 8-K filed with the U.S. Securities and Exchange Commission.


“Based on Fleet’s long history of connecting with consumers, new product expansions, and leading market-share positions we believe the company is well positioned for long-term growth and fits into our well-established brand building platform. 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,” said Prestige Brands CEO Ron Lombardi at the time of the merger announcement. “The acquisition is also a key step in aligning our portfolio with our long-term stated goal of 2%-3% organic growth. We believe the addition of Fleet's manufacturing facility also provides strategic benefits and cost synergies as we look to expand manufacturing to include current Prestige products. Over time, we also expect to take advantage of Fleet research and development resources to enhance our new product development capabilities.”


The acquisition is expected to result in pro forma revenues of $1 billion for Prestige Brands in 2018.


Tarrytown-based Prestige Brands is known for the Monistat women's health products, BC and Goody's pain relievers, Clear Eyes eye care products, DenTek specialty oral care products, Dramamine motion sickness treatments, Chloraseptic sore throat treatments, Compound W wart treatments, Little Remedies pediatric over-the-counter products, The Doctor's NightGuard dental protector, Efferdent denture care products, Luden's throat drops, Beano gas prevention, Debrox earwax remover, Gaviscon antacid in Canada, and Hydralyte rehydration products and the Fess line of nasal and sinus care products in Australia.


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