SHELTON, CT and MONTREAL — Edgewell Personal Care Co. EPC has completed the sale of its infant and pet care business to Montreal-based Le Holding Angelcare Inc. for $122.5 million in cash.
“Completing this transaction is a key step in the transformation of Edgewell’s portfolio,” said Rod Little, Edgewell’s president and CEO. “We are making great progress reshaping the company, investing in our core brands and new growth opportunities, and realizing cost savings. On behalf of everyone at Edgewell, I want to extend our appreciation for the hard work and contributions of our Infant and Pet Care colleagues and wish them the best as they move forward under new ownership.”
According to a press release, Edgewell “will use the net proceeds from the sale to strengthen its balance sheet.”
Connecticut-based Edgewell is a consumer products company whose brands include Schick and Wilkinson Sword shaving systems and disposable razors along with Playtex, Stayfree, Carefree and o.b. feminine care products; Banana Boat, Hawaiian Tropic, Bulldog and Jack Black sun and skin care products; and Wet Ones moist wipes.
“Our acquisition of the Infant and Pet Care business is a logical next step for Angelcare, following years of collaboration with Edgewell’s Infant and Pet Care team,” said Sylvain Brosseau, Angelcare’s CEO. “We have long respected the Edgewell team and are pleased to welcome our new colleagues to the Angelcare family.”
CTPost notes that under the agreement, Angelcare “will acquire the rights and assets of Diaper Genie, the diaper disposal system, and Litter Genie, the cat litter disposal system.”
In connection with the closing, Edgewell and Angelcare have entered into a transition services agreement to ensure a smooth transition of the business.