Prestige Brands' Business Is Exclusively OTC Drugs As It Completes House Cleaning
This article was originally published in The Pink Sheet & The Rose Sheet
Prestige Brands has $69m deal to divest its household cleaning business, its final non-OTC assets.. The firm will keep its “power core” OTC brands including Monistat, Summer’s Eve and Goody’s as its marketing focus.
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Market-leading feminine cleansing and douche brand and other products added in Prestige Brands' 2017 acquisition of CB Fleet helped drive its North American OTC health care revenues up 6.6% to $212.1m in its fiscal 2018 fourth quarter. Full-year revenues for the division in North America grew 20.5% to $868.9m fueled by the addition of the Fleet business and consumption growth in the firm’s core OTC brands, Prestige Brands said.
Prestige Brands makes the deal three weeks after divesting the slower-selling Massengill douche brand and as it makes a top marketing priority of growing sales of its Monistat yeast treatment line.
Moberg says sales of DermoPlast sprays were $12m in the 12 months through September and its purchase price is around 8.9 times the estimated EBITDA for the brand during the period.