Prestige sells three shampoo brands
This article was originally published in The Tan Sheet
Executive Summary
Prestige Brands Holdings sells three shampoo brands - Prell, Denorex Dandruff Shampoo andZincon Dandruff Shampoo - to Ultimark Products, the Irvington, N.Y.-based firm says Oct. 29. The brands, which make up 2 percent to 3 percent of the firm's annual sales, sold for $8 million with an additional payment of $1 million due Oct. 28, 2010. Prestige said it will use the proceeds to pay down its debt. "The successful sale of these businesses allows us to increase focus on our two larger segments, over-the-counter healthcare and household cleaning products, to enhance shareholder value," said President and CEO Matthew Mannelly. Prestige also notes board members Peter Mann and Vincent Hemmer resigned. Mann, the firm's founder and a former CEO and chairman, will pursue a new business opportunity, and Hemmer, a private equity owner of Prestige stock, resigned after his firm, GTCR Golder Rauner, significantly reduced its holdings, the firm said Oct. 27
You may also be interested in...
Startup Blacksmith Debuts With Luden's, PediaCare Acquisition From McNeil
Blacksmith Brands, led by industry veteran Peter Mann, launches with the acquisition of five OTC brands from Johnson & Johnson/McNeil Consumer, including Luden's throat lozenges and PediaCare children's cough/cold remedies
FDA’s Bumpus Will Be Principal Deputy Commissioner; Cosmetics Industry Reacts With Congratulations, Questions
Chief scientist Namandjé Bumpus will replace Janet Woodcock as principal deputy commissioner at the US FDA when the latter steps down in early 2024. The Personal Care Products Council says Bumpus will continue to lead MoCRA implementation efforts while a new chief scientist is sought, but those and other details remain fuzzy.
Finance Watch: Lilly, Fosun Reveal Strategic Investments In Start-Ups, Growth-Stage Firms
Private Company Edition: Lilly will open a third accelerator, this time in San Diego, and Fosun partnered with Treehill to help later-stage firms get over the finish line. Also, Flagship – after recent UK investments – signals its next fund will total $3bn. ArrivoBio and Alto Neuroscience raised $45m each.