Prestige Brands Holdings, Inc. continues to build its OTC remedies arsenal. The company has acquired Care Pharmaceuticals Pty Ltd., a privately-held Australian marketer and distributor of over-the-counter (OTC) healthcare brands for children and adults.
Care’s brands are sold throughout Australia and New Zealand, and in other parts of the Asia Pacific region.
Care'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. Other key brands include Painstop analgesic, Rectogesic for rectal discomfort, and the Fab line of nutritional supplements.
Annual revenues for Care are approximately $20 million (AUD). Financial terms of the acquisition have not been disclosed. Prestige said it funded the acquisition with a combination of its existing credit facility and cash on the balance sheet.
Prestige already has a presence in the region with Murine and Clear Eyes.
“The acquisition of Care provides a new and expanded platform for Prestige in the growing Asia Pacific region. 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,” saod CEO Matthew M. Mannelly.
“We welcome Malcolm Yesner, president of Care, and his team of 35 employees, to the Prestige team," Mannelly continued. "Care has a strong management team, and under Malcolm’s leadership, the Company has grown impressively through innovation, new product development and meeting consumer needs. We look forward to integrating our companies to work together as one team to build our business in this fast-growing geographic region."