THE WHAT? Helen of Troy has announced that it has sold its mass market personal care business to HRB Brands for US$44.7 million in cash. The sale excludes the Latin America and Caribbean regions.
THE DETAILS The deal includes an option for HRB Brands to purchase the remaining territories by the end of fiscal year 2022, subject to meeting certain conditions.
“We are excited about this opportunity for HRB Brands LLC, a company that we believe is well-positioned to take the Personal Care business to its next phase of growth,” commented Julien R. Mininberg, Chief Executive Officer, Helen of Troy. “The Personal Care portfolio includes iconic brands such as Brut, Pert Plus, Sure, Infusium, and Vitalis.
“This transaction advances Helen of Troy’s strategy to focus its resources on its growing portfolio of eight Leadership Brands. These are OXO, Hydro Flask, Vicks, Braun, PUR, Honeywell, Drybar, and HOT Tools, all of which leverage our shared services platform, deliver strong cash flow, and provide a global presence we can build on as we continue to execute our strategic Transformation Plan.”
THE WHY? The company said it would use the proceeds from the sale to create further shareholder value, including the paying down of debt and acquiring brands that are a better fit with its long-term growth strategy.