Edgewell Personal Care Co. has sold its infant and pet care business to the Montreal-headquartered Le Holding Angelcare Inc. for $122.5 million.
According to the Shelton-based Edgewell, Angelcare will acquire the rights and assets of its Diaper Genie, a diaper disposal system, and Litter Genie, a cat litter disposal system, from from Edgewell Personal Care Brands LLC.
“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’s president and CEO.
Angelcare will also gain the exclusive rights to the Playtex brand in the infant and pet spaces including in cups, bottles and mealtime products that is under license in the U.S. and Canada from Playtex Marketing Corp. and under license in other countries from HBI Branded Apparel Enterprises LLC.
“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 said. “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.”