Full Press Release Details
Prestige Brands Holdings, Inc. Completes Divestiture of Three
Brands to Moberg Pharma AB
Tarrytown, NY, July 7, 2016-Prestige Brands Holdings,
Inc. (NYSE-PBH) today announced that it has closed the previously announced divestiture of three of its non-core over-the-counter
healthcare brands to Moberg Pharma AB (OMX:MOB) of Stockholm, Sweden for $40.0 million USD in cash. The transaction was finalized
under the original terms announced on June 30, 2016. The divestiture includes New Skin , PediaCare and Fiber Choice .
Proceeds from the sale will be used to pay down debt and accelerate de-leveraging.
The Company expects to provide additional information on this
transaction and update its outlook for the fiscal year when it reports the results of the first quarter of fiscal 2017 on August
4, 2016 before the opening of the market.
About Prestige Brands Holdings, Inc.
Prestige Brands markets and distributes brand name over-the-counter
healthcare and household cleaning products throughout the U.S. and Canada, Australia, and in certain other international markets.
The Company's brands include Monistat women's health products, BC and Goody's pain relievers,
Clear Eyes eye care products, DenTek specialty oral care products, Dramamine motion sickness treatments, Chloraseptic
sore throat treatments, Compound W wart treatments, Little Remedies pediatric over-the-counter products, The Doctor's
NightGuard dental protector, Efferdent denture care products, Luden's throat drops, Beano gas prevention, Debrox
earwax remover, Gaviscon antacid in Canada, and Hydralyte rehydration products and the Fess line of nasal and sinus
care products in Australia.
Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements"
within the meaning of the federal securities laws that are intended to qualify for the Safe Harbor from liability established by
the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" generally can be identified by the
use of forward-looking terminology such as "will," "would," "expect," "plan," "continue,"
"anticipate" (or the negative or other derivatives of each of these terms) or similar terminology. The "forward-looking
statements" include statements regarding the transaction's impact on debt and leverage. These statements represent
the Company's expectations and beliefs and involve a number of known and unknown risks, uncertainties and other factors that
may cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors
include, among others, general economic and business conditions, and other risks set forth in Item 1A. Risk Factors in the Company's
Annual Report on Form 10-K for the year ended March 31, 2016. You are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date of this news release. Except to the extent required by applicable law, the Company
undertakes no obligation to update any forward-looking statement contained in this news release, whether as a result of new information,
future events, or otherwise.
Contact: Dean Siegal