Prestige Brands Holdings Inc (PBH.N), which distributes household and cleaning products in U.S. and Canada, said it would buy women's healthcare products maker C.B. Fleet Co for $825 million in cash from private equity firm Gryphon Investors.
Prestige, whose brands include Monistat women's health products, Goody's pain relievers and Dramamine motion sickness treatments, said on Thursday the deal would bolster its gastrointestinal and pediatric care portfolios.
Founded in 1869, Fleet's products include constipation relief product Pedia-Lax, anti-gas medication Phazyme and has a presence in North America, Asia Pacific and Latin America.
Fleet's flagship product, Summer's Eve - a female hygiene product - accounts for 65 percent of its portfolio.
The deal, which is expected to close in the first quarter of 2017, will immediately add to Prestige's earnings and cash flow from operations after closing.
Barclays acted as the financial adviser to Prestige Brands on this transaction.
Gryphon, along with several institutional co-investors and management, originally invested in C.B. Fleet in October 2014.
Sawaya Segalas & Co LLC acted as a financial adviser to Fleet and Gryphon. Kirkland & Ellis LLP served as Gryphon's counsel on the transaction.
(Reporting by Aravind K and Ankur Banerjee in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta)