By NJBIZ STAFF,
December 27, 2016 at 11:12 AM
A Parsippany company that serves as a producer, marketer and distributor of female care and different over-the-counter health care merchandise has entered right into a definitive settlement to be acquired by Prestige Brand Holdings for $825 million in money, it was introduced Thursday night time.
C.B. Fleet Co., which was based in Lynchburg, Virginia, moved its executives to a Parsippany workplace final summer time after being purchased by a San Francisco-based personal fairness agency.
According to a information launch, the transaction strikes Prestige nearer to its said objective of 85 % “invest-for-growth” income and is predicted to end in professional forma revenues of roughly $1.zero billion for Prestige in 2018.
The acquisition will add numerous main manufacturers to Prestige, together with Summer’s Eve, which represents roughly 65 % of the Fleet portfolio, the discharge stated.
According to the discharge, Fleet operates a “mix and fill” manufacturing facility in Lynchburg, which presently manufactures roughly two-thirds of Fleet’s gross sales.
Prestige CEO Ron Lombardi was thrilled by the acquisition.
“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,” he stated within the launch. “The acquisition of Fleet further enhances our women’s health care 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.”