PRINCETON, N.J. - Church & Dwight on Monday became the latest large-scale CPG company to field a line of gummy vitamins with its acquisition of Avid Health for $650 million in cash.
“The acquisition of Avid’s gummy vitamins business represents a great addition to our existing portfolio and brings to our company a new growth platform in one of the fastest-growing segments of the attractive vitamin/mineral/supplement category," stated James Craigie, Church & Dwight chairman and CEO. "It is also consistent with our strategy of strengthening our business by adding No. 1 or No. 2 brands in areas of high growth potential.”
Avid’s net sales for the trailing 12 months through June 30, 2012 were approximately $230 million. Avid’s major brands are the adult gummy vitamins Vitafusion and the line of children's gummy vitamins L'il Critters.
Gummy vitamins formulated for adults has been trending in the supplement space. Pharmavite earlier this year launched a line of gummy supplements that included a multivitamin, a fish oil, calcium, vitamin C, vitamin D, B-Complex and a CoQ10 formulation.
The Church & Dwight/Avid Health transaction, which is subject to regulatory approval and other customary conditions, is expected to close early in the fourth quarter, the company stated.