Perrigo Co., which has its North American operations in Allegan, Mich. (northwest of Kalamazoo) and offers over-the-counter health and wellness products, has agreed to acquire the oral care assets of High Ridge Brands in Connecticut for $113 million in cash.
The acquisition is subject to bankruptcy court approval in connection with High Ridge Brands’ chapter 11 cases, as well as other customary closing conditions. The deal is expected to close this quarter.
“The strategic acquisition of these oral care assets highlights the tremendous value of the Ranir platform, and it underscores that there are numerous bolt-on opportunities that can advance Perrigo as a global self-care leader,” says Murray S. Kessler, president and CEO of Perrigo. “It also demonstrates that Perrigo will remain disciplined and mindful of maximizing shareholder value as it proceeds with its portfolio reconfiguration plans.”
The acquisition builds on Perrigo’s July 2019 acquisition of Ranir, a private label oral self-care company. The High Ridge deal includes Firefly, a children’s oral care brand, as well as the Reach to Dr. Fresh brands.
“We are once again capitalizing on our strategic pursuit of attractive growth opportunities aimed at enabling enhanced, affordable access to innovative oral self-care products,” says Rich Sorota, incoming executive vice president and president of consumer self-care Americas for Perrigo. “This acquisition provides us with well-established oral self-care brands that will contribute positively to our long-term growth objectives through new product innovation, leveraging our scale to increase distribution, and expanding product reach through e-commerce. The traditional store brand landscape is evolving, and we are well positioned to provide our retail partners with exclusive branded programs and product innovations that resonate uniquely with today’s consumer.”
Perrigo’s global headquarters are in Dublin. Sawaya Partners served as financial adviser, and Morgan, Lewis, and Bockius served as legal counsel to Perrigo.
