DLI Holding To Buy Del Labs for $465 Million

DLI Holding Corp., a jointly owned company by Kelso & Company and Church & Dwight, signed a definitive merger agreement to acquire Del Laboratories, Uniondale, NY, for approximately $465 million.

“This transaction offers both an immediate cash premium to Del Laboratories’ shareholders and the opportunity for the company to continue its growth,” said Dan K. Wassong, chairman, president and chief executive officer of Del Labs.

The transaction is expected to be completed in the fourth quarter of 2004. Afterwards, Del Labs will be considered a wholly-owned subsidiary of DLI Holding Corp. and will not longer be a publicly-traded company, executives said.

After the transaction is completed, Mr. Wassong will retire. William McMenemy, currently executive vice president of marketing at Del will become president and chief executive officer. Charles J. Hinkaty, vice president of Del and president of Del Pharmaceuticals, will become chief operating officer. Harvey Alstodt, currently executive vice president of sales, will become president of global business. Enzo J. Vialardi will remain executive vice president and chief financial officer of Del.