Full Press Release Details
Prestige Brands Holdings, Inc. To Sell Three Brands To Moberg
Prestige To Release First Quarter Fiscal 2017 Results on
Tarrytown, NY, June 30, 2016-Prestige Brands Holdings,
Inc. (NYSE-PBH) (the "Company" or "Prestige") announced today that it has entered into an agreement for
the sale of three of its non-core over-the-counter healthcare products to Moberg Pharma AB (OMX: MOB) of Stockholm, Sweden for
$40.0 million USD in cash.
The transaction includes New Skin , PediaCare and Fiber
Choice , which in fiscal 2016 represented approximately $25 million USD in revenues for Prestige, or 3% of Company sales in
These divestitures will enable the Company to move closer to
its stated goal of having a portfolio consisting of 85% of its revenue from "invest for growth" brands and 15% in "manage
for cash" brands to help support long-term organic growth.
The Company plans to use proceeds from the divestiture to pay
down debt and accelerate de-leveraging. The transaction is expected to close during Prestige's fiscal second quarter, which
begins on July 1, 2016, subject to closing conditions.
Sawaya Segalas & Co., LLC is acting as exclusive financial
advisor to Prestige in this transaction.
First Quarter Fiscal 2017
The Company expects to provide an update on this transaction
when it reports the results of the first quarter of fiscal 2017 on August 4, 2016 before the opening of the market. The Company
will provide a live conference call to review the results at 8:30AM ET that same morning. Callers within North America may dial
877-784-9650 to access the call. The conference ID is 43058034. International callers may dial 530-379-4717 using the same conference
ID. Replays will be available for two weeks following the conclusion of the call; 855-859-2056 for North America and 404-537-3406
for international callers using conference ID 43058034.
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 revenues, debt and leverage and the expected timing
for consummating the transaction. 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, satisfaction of the closing conditions and
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