News Releases
Conference Call Scheduled Today at
The acquisition of DenTek® will expand Prestige’s portfolio of iconic
OTC brands into the fast-growing specialty oral care products category
in the U.S.,
The Company plans to finance the acquisition with a combination of funds from its existing credit facilities and available cash, and expects the transaction would add approximately a half point to its leverage calculation at the time of the close. The transaction is expected to close during the first half of calendar year 2016, subject to customary closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976.
Commentary
“The acquisition of DenTek, when combined with our existing oral care
products, will create our fifth
Mr. Lombardi continued, “The acquisition of DenTek will mark our seventh transaction in the past six years as we continue to execute our proven strategy of acquiring, integrating and building brands to grow our portfolio and increase shareholder value. This acquisition will bring our portfolio closer to our stated objective of 85% ‘invest for growth’ brands and 15% ‘manage for cash.’ We look forward to adding the DenTek brand to our growing portfolio and anticipate closing on this transaction during the first half of calendar year 2016, subject to regulatory approvals.”
Conference Call and Presentation
The Company will host a conference call today at
Non-GAAP Financial Measures
Pro forma adjusted EBITDA is a non-GAAP financial measure arrived at by
taking pro forma net income of
About
The Company markets and distributes brand name over-the-counter
healthcare and household cleaning products throughout the U.S.,
Note Regarding Forward-Looking Statements
This news release contains “forward-looking statements” within the
meaning of the federal securities laws that are intended to qualify for
the Safe Harbor from liability established by the Private Securities
Litigation Reform Act of 1995. “Forward-looking statements” generally
can be identified by the use of forward-looking terminology such as
“will,” “would,” “expect,” “plan,” “continue,” “anticipate” (or the
negative or other derivatives of each of these terms) or similar
terminology. The “forward-looking statements” include, without
limitation, statements regarding the expected timing for consummating
the acquisition, the acquisition’s impact on revenues, adjusted EBITDA,
leverage and shareholder value, the impact of the acquisition on the
Company’s portfolio of brands and growth, the Company’s expected
financing, the rate of growth of the specialty oral care category, and
the success of the Company’s strategy of acquiring, integrating and
building brands. These statements are based on management's estimates
and assumptions with respect to future events and financial performance
and are believed to be reasonable, though are inherently uncertain and
difficult to predict. Actual results could differ materially from those
in the forward-looking statements as a result of a variety of factors,
including satisfaction of the closing conditions, including approval
under the Hart-Scott Rodino Antitrust Improvements Act, general economic
and business conditions, our ability to successfully integrate the
DenTek brands and supply chain, regulatory matters, competitive
pressures, unexpected costs, or liabilities and disruptions resulting
from the integration. A discussion of other factors that could cause
results to vary is included in the Company's Annual Report on Form 10-K
for the year ended
View source version on businesswire.com: http://www.businesswire.com/news/home/20151123005324/en/
Source:
Prestige Brands Holdings, Inc.
Dean Siegal, 914-524-6819