Last updated on January 3rd, 2020 at 01:05 pm
Edgewell Personal Care Co. has completed the sale of its infant and pet care business to Le Holding Angelcare Inc. for $122.5 million in cash. Shelton, Connecticut-based Edgewell says it will use the net proceeds from the sale to strengthen its balance sheet.
“Completing this transaction is a key step in the transformation of Edgewell’s portfolio,” said Rod Little, president and CEO of Edgwell. “We are making great progress reshaping the company, investing in our core brands and new growth opportunities, and realizing cost savings. On behalf of everyone at Edgewell, I want to extend our appreciation for the hard work and contributions of our infant and pet care colleagues and wish them the best as they move forward under new ownership.”
“Our acquisition of the infant and pet care business is a logical next step for Angelcare, following years of collaboration with Edgewell’s infant and pet care team,” said Sylvain Brosseau, Angelcare’s CEO. “We have long respected the Edgewell team and are pleased to welcome our new colleagues to the Angelcare family.”
Edgewell and Angelcare have entered into a transition services agreement to ensure a smooth transition of the business.
Edgewell retains brands such as 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. It 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.
Based in Montreal, Canada, Angelcare distributes its products in 60 countries through major international and local retailers as well as local distributors. The company has maintained a long-standing partnership with Edgewell Personal Care Co. as the licensor of patented technology for products sold by Edgewell under its Diaper Genie and Litter Genie brands since 2005 and 2011, respectively.
