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news.Prestige Brands Holdings has acquired Care Pharmaceuticals, a privately-held marketer and distributor of over-the-counter (OTC) healthcare brands for children and adults in Australia.
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Care’s brands include the Fess line of cold/allergy and saline nasal health products, Painstop analgesic, Rectogesic for rectal discomfort, and the Fab line of nutritional supplements.
Financial details of the transaction have not been revealed, however the company said that the deal was financed by Prestige with existing credit facility and cash on the balance sheet.
Prestige CEO Matthew Mannelly said the acquisition of Care provides a new and expanded platform for the company in the growing Asia Pacific region.
"We welcome Malcolm Yesner, President of Care, and his team of 35 employees, to the Prestige team," Mannelly added.
In the last four years, Prestige has concluded four acquisitions, including Care. In relation to the deal, Sawaya Segalas acted as exclusive financial advisor to Prestige.
In Australia and New Zealand, Prestige’s OTC eye care brands are Murine and Clear Eyes.