N.Y.--(BUSINESS WIRE)-- December 7, 2016-- Prestige
Brands Holdings, Inc. (NYSE:PBH)
(the "Company" or "Prestige") announced today that it has entered into an
agreement for the sale of the DermoPlast® brand to Moberg Pharma AB (OMX: MOB) for $47.6 million USD in
cash plus inventory. The transaction is
expected to be completed during December 2016, and reflects the exercise by Moberg
Pharma of its previously announced option to purchase DermoPlast® by December
2017. The sale of DermoPlast follows the
sale of three other non-core over-the-counter healthcare brands - New Skin®,
PediaCare® and Fiber Choice® - to Moberg Pharma on July 7th, 2016. On an annual basis, the Company expects the financial
impact from the sale of DermoPlast® to represent approximately $12 million USD
in net sales and approximately $0.06 in EPS.
as previously announced by NaturePlex, LLC (NaturePlex) on December 1st,
2016, Prestige has agreed to license its Massengill® brand to NaturePlex. The Massengill brand is considered part of
Prestige's non-core portfolio, and the impact to Prestige financials from the
licensing of the brand is not material to the Company's results.
plans to use proceeds from the DermoPlast divestiture to pay down debt and
accelerate de-leveraging. These
divestitures will also enable the Company to move closer to its stated goal of
having a portfolio consisting of 85% of its revenue from "invest for growth"
brands and 15% in "manage for cash" brands to help support long-term organic
Segalas & Co., LLC acted as exclusive financial advisor to Prestige in this
About Prestige Brands Holdings, Inc.
Company markets and distributes brand name over-the-counter and household
cleaning products throughout the U.S. and Canada, Australia, and in
certain other international markets. The Company's brands include 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. Visit the Company's website at www.prestigebrands.com.