Edgewell Personal Care Company (NYSE: EPC) today announced that it has completed the sale of its Infant and Pet Care business to Le Holding Angelcare Inc.for $122.5 million in cash. Edgewell will use the net proceeds from the sale to strengthen its balance sheet.
"Completing this transaction is a key step in the transformation of Edgewell's portfolio," said Rod Little, Edgewell's President and Chief Executive Officer. "We are making great progress reshaping the company, investing in our core brands and new growth opportunities, and realizing cost savings. On behalf of everyone at Edgewell, I want to extend our appreciation for the hard work and contributions of our Infant and Pet Care colleagues and wish them the best as they move forward under new ownership."
"Our acquisition of the Infant and Pet Care business is a logical next step for Angelcare, following years of collaboration with Edgewell's Infant and Pet Care team," said Sylvain Brosseau, Angelcare's CEO. "We have long respected the Edgewell team and are pleased to welcome our new colleagues to the Angelcare family."
In connection with the closing, Edgewell and Angelcare have entered into a transition services agreement to ensure a smooth transition of the business.
About Edgewell
Edgewell (NYSE: EPC) is a leading pure-play consumer products company with an attractive, diversified portfolio of established brand names such as Schick® and Wilkinson Sword® men's and women's shaving systems and disposable razors; Edge® and Skintimate® shave preparations; Playtex®, Stayfree®, Carefree® and o.b.® feminine care products; Banana Boat®, Hawaiian Tropic®, Bulldog® and Jack Black® sun and skin care products, and Wet Ones® moist wipes. The Company has a broad global footprint and operates in more than 50 markets, including the U.S., Canada, Mexico, Germany, Japan, the U.K. and Australia, with approximately 6,000 employees worldwide.
About Angelcare
Angelcare is a leading developer and marketer of juvenile and pet hygiene solutions and a worldwide leader in infant movement monitoring. Based in Montreal, Canada, Angelcare distributes its award-winning products in 60 countries through major international and local retailers as well as valued local distributors. The company has maintained a long-standing partnership with Edgewell Personal Care Company as the licensor of patented technology for products sold by Edgewell under its Diaper Genie® and Litter Genie® brands since 2005 and 2011, respectively. Angelcare has a rich, 20+ year history of innovation with its trusted, market-leading brands. Further information about the company is available at www.angelcarebaby.com.
