Perrigo Oral Care Targets North American Value Tier With High Ridge Brands Buy
REACH and Dr. Fresh, as well as Firefly kids’ toothbrushes and mouth rinses featuring popular comic book and cartoon characters, will join Perrigo’s Ranir division under the $113m cash deal, which is subject to federal bankruptcy court approval but expected to close in the 2020 first quarter.
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Perrigo is latest consumer health firm to note substantially slower flu rates slammed OTC drug sales during 2020 fourth quarter. Its total cough/cold product sales for the year were off $63m on decreases of $34m in the Americas and $29m in its international markets.
Its reported worldwide consumer Q4 net sales increased 12.7%, or 16.4% adjusted for currency exchange rates, product launches and other changes from the prior-year period, to $1.1bn. The s results, though, sent share price plummeting $8.64, more than 14%, to $51.82.
Subject to the approval of a federal bankruptcy court presiding over High Ridge Brands’ Chapter 11 case, private equity firm Tengram will add a raft of personal cleansing and hair-care brands to its portfolio while bringing back former High Ridge CEO James Daniels to head up the collection’s rejuvenation.