Last updated on November 20th, 2019 at 02:05 pm
Edgewell Personal Care Co. said Oct. 21 that it had entered into a definitive agreement to sell its infant and pet care business to Le Holding Angelcare Inc. for $122.5 million.
Under the terms of the agreement, Montreal-based Angelcare will acquire from Shelton, Connecticut-based Edgewell the rights and assets of Diaper Genie, the diaper disposal system, and Litter Genie, the cat litter disposal system. In addition, Angelcare will have the exclusive rights to the Playtex brand in the infant and pet spaces, including cups, bottles and mealtime products in U.S. and Canada under license from Playtex Marketing Corp., and elsewhere around the world under license from HBI Branded Apparel Enterprises LLC.
Angelcare already had a longstanding partnership with Edgewell as the licensor of patented technology for products sold by Edgewell under the Diaper Genie and Litter Genie brands since 2005 and 2011, respectively.
“This transaction is the culmination of a thorough strategic review process to maximize the value of the infant and pet care business, and an important milestone in Edgewell’s portfolio transformation,” said Rod Little, Edgewell president and CEO. “We are taking decisive actions to reshape our company and focus on our core Personal Care brands, while realizing cost savings, paying down debt, driving growth and delivering superior returns for investors.”
Little added, “We have had a long and successful partnership with the team at Angelcare, as they have been a significant vendor and technology partner to the Infant and Pet Care business over the years. This is a great outcome for all Edgewell stakeholders, and we expect a smooth transition for the customers and employees of the Infant and Pet Care business. We appreciate the continued hard work of our Infant and Pet Care colleagues as we complete the sale process and are confident they will enjoy continued success under new ownership.”
Angelcare CEO Sylvain Brosseau said, “The addition of the Infant and Pet Care business continues our efforts to broaden our portfolio of products that help children thrive.”
Angelcare Chairman Maurice Pinsonnault said, “We have worked collaboratively with the Edgewell Infant and Pet Care team for years, which makes us confident this business is highly complementary and will be integrated seamlessly. We look forward to growing our company and continuing to deliver peace of mind to parents.”
The transaction is subject to receipt of regulatory and other customary closing conditions and is expected to close by the end of the 2019 calendar year.
Edgewell’s portfolio of brands also includes Schick and Wilkinson Sword men’s and women’s shaving systems and disposable razors; Edge and Skintimate shave preparations; Playtex, Stayfree, Carefree and o.b. feminine care products; Banana Boat, Hawaiian Tropic, Bulldog and Jack Black sun and skin care products; and Wet Ones moist wipes. The company operates in more than 50 markets, including the U.S., Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 6,000 employees worldwide.
Angelcare is a developer and marketer of juvenile and pet hygiene solutions as well as infant movement monitoring. It distributes its products in 60 countries through major international and local retailers as well as local distributors.
