Private investment firm Yellow Wood Partners has acquired the Dr. Scholl footcare brand from German parent company Bayer in a $585 million deal.
The deal represents the second consumer care product Bayer has opened up for purchase, with the company having sold its U.S. suncare brand Coppertone to Beiersdorf earlier this year.
The move to sell Dr. Scholl is reportedly a way for the company to streamline operations due to investor concerns regarding its business model. This follows a fall in share value after apparent cancer-causing effects of its Roundup weed killer resulted in numerous lawsuits.
Yellow Wood has a portfolio of consumer beauty brands, specialising in the mid-market. Health and beauty products in its umbrella include Freeman Beauty and Bare Foot.