Prestige Brands Buys Care Pharmaceuticals of Australia
Prestige Brands is reaching to the other side of the world for its latest acquisition. The company announced that it has purchased the privately held Care Pharmaceuticals, based in New South Wales, Australia. The terms of the deal were not disclosed, although Prestige Brands did admit that it would be funded by monies drawn from an existing credit facility combined with cash on hand.
Care Pharmaceuticals produces a number of over-the-counter treatments, most notably the Fess line of nasal-health products, which includes what Prestige Brands says is the No. 1 saline spray on the local market. Many of Care Pharmaceuticals' goods are intended for infants or children.
The Australian company was formed in 1986. Its new owner said its annual revenues are roughly $20 million in Australian dollars ($18.2 million).
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