TARRYTOWN, N.Y. — Prestige Brands Holdings on Tuesday announced its acquisition of Care Pharmaceuticals of Bondi Junction, New South Wales, Australia, a privately held marketer and distributor of over-the-counter healthcare brands for children and adults.
“The acquisition of Care provides a new and expanded platform for Prestige in the growing Asia Pacific region," stated Matthew Mannelly, Prestige CEO. "Like Prestige, Care is well known for building brands and has created a portfolio of products which complements our existing OTC product lines. Combining the strengths of two companies with expertise in brand building and innovation provides the opportunity to leverage an expanded portfolio with both retail customers and consumers,” he said. “We welcome Malcolm Yesner, president of Care, and his team of 35 employees, to the Prestige team."
Care’s brands are sold throughout Australia and New Zealand, and in other parts of the Asia Pacific region. The company’s principal brand is the Fess line of cold/allergy and saline nasal health products which includes the leading saline spray for both adults and children in Australia, Prestige noted. Other key brands include Painstop analgesic, Rectogesic for rectal discomfort and the Fab line of nutritional supplements.
Prestige already has a presence in the region with Murine and Clear Eyes, among the leading OTC eye care brands in Australia and New Zealand.
Annual revenues for Care are approximately $18.3 million. Financial terms of the acquisition have not been disclosed. Prestige funded the acquisition with a combination of its existing credit facility and cash on the balance sheet.
Sawaya Segalas LLC acted as exclusive financial advisor to Prestige Brands on this transaction.
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