Prestige Brands Holdings Inc., a Tarrytown-based company that distributes over-the-counter and household cleaning products, will acquire C.B. Fleet Co. for $825 million in an all-cash transaction.
The deal is expected to close by March and result in pro forma revenues of $1 billion for the company’s 2018 fiscal year.
C.B. Fleet manufactures and distributes feminine care and other over-the-counter healthcare products, including Summer’s Eve and Fleet.
Prestige CEO Ron Lombardi said the acquisition of the Lynchburg, Va.-based company enhances Prestige’s women’s health care platform. Lombardi added that C.B. Fleet is well-positioned for long-term growth and fits into the company’s brand-building platform.
CEO Ron Lombardi
“We believe the addition of Fleet’s manufacturing facility also provides strategic benefits and cost synergies as we look to expand manufacturing to include current Prestige products,” he said. “Over time, we also expect to take advantage of Fleet (research and development) resources to enhance our new product development capabilities.”
Prestige’s brands include Monistat, Clear Eyes and Dramamine. In November, the company reported second-quarter revenues of $215.1 million, up 4.4 percent year-over-year.
Barclays acted as exclusive financial adviser to Prestige Brands on this transaction.