Perrigo's $190 Mil. Personal Care Unit Going To Cumberland Swan Holdings
This article was originally published in The Rose Sheet
Executive Summary
Perrigo has signed an agreement in principle to sell its $190 mil. personal care business for an undisclosed amount to newly formed Cumberland Swan Holdings, Inc., the private labeler announced July 19. Execution of a definitive purchase agreement is expected to occur within 30 days. Proceeds will be dedicated to Perrigo's OTC and nutritional businesses.
You may also be interested in...
Perrigo
Private labeler completes divestiture of its $190 mil. personal care business to Cumberland Swan Holdings investment group (Nashville, Tenn.), Perrigo announced Aug. 25. The deal includes Perrigo's Smyrna, Tenn.-based 82,000 sq. ft. manufacturing facility (1"The Rose Sheet" July 26, p. 5). Cumberland will lease the firm's logistics center in LaVernge, Tenn. until Perrigo sells the facility, at which time Cumberland will lease it from the new owner. Separately, Perrigo sold its California and Missouri personal care facilities for $9 mil. The firm expects to take a pre-tax charge of $3.2 mil. on the sale of its personal care assets in the fiscal fourth quarter (ended June 30)
Perrigo
Private labeler completes divestiture of its $190 mil. personal care business to Cumberland Swan Holdings investment group (Nashville, Tenn.), Perrigo announced Aug. 25. The deal includes Perrigo's Smyrna, Tenn.-based 82,000 sq. ft. manufacturing facility (1"The Rose Sheet" July 26, p. 5). Cumberland will lease the firm's logistics center in LaVernge, Tenn. until Perrigo sells the facility, at which time Cumberland will lease it from the new owner. Separately, Perrigo sold its California and Missouri personal care facilities for $9 mil. The firm expects to take a pre-tax charge of $3.2 mil. on the sale of its personal care assets in the fiscal fourth quarter (ended June 30)
Perrigo puts personal care on the selling block, will close two manufacturing facilities.
PERRIGO TO DIVEST PERSONAL CARE BUSINESS to concentrate on its over-the-counter drug and nutritional supplements businesses, the company announced June 29. The Allegan, Mich.- based private labeler has retained the investment banking firm J.P. Morgan to explore "strategic options to maximize the sale value of the personal care business." The plan to divest personal care is part of a greater management restructuring to help Perrigo improve its margins and enhance its profitability.