Full Press Release Details
Consumer Healthcare Completes Acquisition of TheraTears, Announces First Quarter Fiscal 2022 Earnings Results Date
TARRYTOWN, N.Y., July
01, 2021 (GLOBE NEWSWIRE) -- Prestige Consumer Healthcare Inc. (NYSE:PBH) ("Prestige" or the "Company")
today announced that it has completed the previously announced acquisition of TheraTears and other over-the-counter consumer brands.
The closing was finalized pursuant to the terms of the asset purchase agreement which was initially announced on May 27, 2021, under
which Prestige agreed to acquire the brands from specialty pharmaceutical company, Akorn Operating Company LLC ("Akorn"),
for $230 million in cash. The acquisition of TheraTears will further enhance Prestige's leading eye care portfolio and
generate additional long-term growth opportunities for the Company.
The acquisition is structured
as an asset purchase that delivers anticipated tax benefits of ~$30 million and expected annual EBITDA of ~$20 million, equating
to a transaction valued at less than 10x pro-forma EBITDA. The transaction is estimated to add annual Revenues, Earnings Per Share and
Operating Cash Flow of approximately $60 million, $0.10 and $13 million, respectively.
The Company financed the
transaction with a combination of available cash on hand, available cash from its Asset Based Loan ("ABL") revolver, and
a simultaneously completed refinancing of its term loan, which now matures in 2028 and amends and replaces Prestige's previous
outstanding term loan at similar terms.
Earnings Results Conference
The Company also announced
that it will issue its fiscal 2022 first quarter earnings release on Thursday, August 5, 2021 before the opening of the market.
The Company will host a conference call to discuss the results that same morning at 8:30 a.m. ET.
To participate via phone listeners calling
from the U.S. and Canada may dial 844-233-9440, or 574-990-1016 internationally, using the conference ID 5362477.
The Company will provide a live Internet webcast as well as an archived replay, which can be accessed from the Investor Relations page
Telephonic replays will be
available for approximately one week following completion of the live call and can be accessed at 855-859-2056 within North America,
and at 404-537-3406 from outside North America. The conference ID is 5362477.
About Prestige Consumer
Prestige Consumer Healthcare markets,
sells, manufactures and distributes consumer healthcare products to retail outlets throughout the U.S. and Canada, Australia,
and in certain other international markets. The Company's diverse portfolio of brands include Monistat and
Summer's Eve women's health products, BC and Goody's pain relievers,
Clear Eyes and TheraTears eye care products, DenTek specialty oral care
products, Dramamine motion sickness treatments, Fleet enemas and glycerin suppositories, Chloraseptic and
Luden's sore throat treatments and drops, Compound W wart treatments, Little Remedies pediatric
over-the-counter products, Boudreaux's Butt Paste diaper rash ointments, Nix lice treatment,
Debrox earwax remover, Gaviscon antacid in Canada, and Hydralyte rehydration
products and the Fess line of nasal and sinus care products in Australia. Visit the Company's website at www.prestigeconsumerhealthcare.com.
Investor Relations Contact
Phil Terpolilli, CFA, 914-524-6819