NBTY acquired in $3.8 billion deal by Carlyle
RONKONKOMA, N.Y. NBTY announced Thursday morning its acquisition by the Carlyle Group with the execution of a definitive merger agreement valued at $3.8 billion.
Under the terms of the merger agreement, Carlyle — one of the world’s largest private equity firms, with more than $90.5 billion under management — will acquire all of the outstanding common shares of NBTY for $55 per share in cash, representing a premium of approximately 57% over NBTY’s average closing share price during the 30 trading days ended July 14. Carlyle has a pedigree of expertise in consumer and retail sectors, as well as health care, technology and business services and telecommunications and media, among other sectors.
“For our wholesale and retail customers, our commitment to quality and innovation will continue to be our focus,” stated NBTY chairman and CEO Scott Rudolph. “We will leverage Carlyle’s global resources and consumer sector knowledge to further drive the company’s global growth.”
“NBTY is an outstanding business with well-established brands, a proven vertically integrated multi-channel/multi-geography strategy and strong, long-standing customer relationships,” added Sandra Horbach, Carlyle managing director and head of the consumer and retail sector team. “We are impressed with the business that has been built under the leadership of Scott Rudolph, and are excited to work with him and the senior management team to drive continued growth.”
NBTY’s board has unanimously approved the merger agreement and recommended that NBTY’s stockholders adopt the agreement with Carlyle. A special meeting of NBTY’s stockholders will be held soon after the preparation and filing of a proxy statement with the Securities and Exchange Commission and subsequent mailing to shareholders.
The mailing of the proxy statement is expected to take place following the expiration of the 35 calendar day period following the date of the merger agreement, during the course of which NBTY is permitted to solicit alternative proposals from third parties. The transaction is expected to close by the end of 2010.
BofA Merrill Lynch and Centerview Partners are acting as financial advisors to NBTY, and Sullivan & Cromwell is acting as the legal advisor to NBTY. Barclays Capital and Credit Suisse are acting as financial advisors to Carlyle, and Latham & LLP is acting as Carlyle’s legal advisor.
Dr. Scholl’s Custom Fit Orthotic Centers now available nationwide
WHITEHOUSE STATION, N.J. Merck Consumer Care on Tuesday announced the nationwide availability of its Dr. Scholl’s Custom Fit Orthotic Centers.
“We’ve combined state-of-the-art foot measurement technology with consumer-friendly software to make it quick and easy for people to find the Dr. Scholl’s Custom Fit Orthotic Inserts that are best for their feet,” stated Charles Lundy, associate director of Footcare Research and Development at Merck Consumer Care.
The foot-mapping technology found in Dr. Scholl’s Custom Fit Orthotic Centers was evaluated in five clinical studies. It uses more than 2,000 pressure sensors to measure areas of the foot where the most pressure is applied, arch type and foot length.
“[As many as] 50% of adults suffer from tired, achy feet, especially if they have jobs that keep them on their feet all day,” commented Leslie Campbell, medical consultant to the makers of Dr. Scholl’s. “A customized solution can make a real difference in foot comfort, and these revolutionary Dr. Scholl’s Custom Fit Orthotic inserts are a great, affordable way for people to relieve their tired, achy feet.”
The kiosks were initially introduced last year through Meijer, Kroger, CVS, Walmart and Walgreens in select markets. The Dr. Scholl’s Custom Fit Orthotics system uses the patented science of Tekscan’s pressure sensing technology along with sophisticated algorithms to recommend a perfect fit.
Brown Medical products receive Arthritis Foundation seal
SPIRIT LAKE, Iowa Brown Medical Industries last week announced that three of its products have earned the Ease of Use Commendation from the Arthritis Foundation.
The Arthritis Foundation program recognizes consumer products designed to be comfortable and effective, as well as easy to use by patients with arthritis. Brown Medical Industries earned the foundation’s seal on Imak Arthritis Gloves, Imak SmartGlove and Nice Stretch X Lite night splint for plantar fasciitis.
“We’re pleased to partner with such a respected authority on arthritis," stated Ivan Brown, CEO at Brown Medical. "We believe the collaboration with the Arthritis Foundation will allow us to expose more patients to our products.”