Prestige Brands Acquires Care Pharmaceuticals; Financial Terms Undisclosed

(RTTNews) - Prestige Brands Holdings, Inc. (PBH), a distributor of brand name over-the-counter to OTC and household cleaning products, Tuesday said it acquired privately-held marketer and distributor of OTC healthcare brands, Care Pharmaceuticals Pty Ltd., effective July 1. Financial terms of the deal were not disclosed.

Prestige funded the acquisition of Care, whose annual revenues were about AUD $20 million, with a combination of its existing credit facility and cash on the balance sheet. Care's brands are sold throughout Australia and New Zealand, and in other parts of the Asia Pacific region. Prestige also has presence in the region with OTC eye care brands in Australia and New Zealand.

Prestige CEO Matthew Mannelly said, "..The acquisition of Care provides a new and expanded platform for Prestige in the growing Asia Pacific region.." He added, "The acquisition is expected to be accretive to earnings per share for fiscal year 2014, exclusive of transaction costs and purchase accounting related items, with minimal impact on our leverage level."

Sawaya Segalas, Inc. LLC acted as exclusive financial advisor to Prestige Brands for the deal.