Tarrytown-based Prestige Brands acquiring C.B. Fleet

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.

“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.