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December 20, 2019

Edgewell completes sale of infant, pet divisions

Image | Courtesy Edgewell.com
By Michelle Tuccitto Sullo

Edgewell Personal Care Co., best known for its shaving and personal-care products, has completed its sale of its infant and pet-care divisions.

Le Holding Angelcare Inc., or “Angelcare,” of Montreal, bought the divisions for $122.5 million in cash.

The Shelton-based Edgewell on Thursday announced the conclusion of the sale, which was first agreed upon back in October. Edgewell, which also has operations in Milford and around the world, says it plans to use the proceeds from the sale to strengthen its balance sheet.

Through the purchase, Angelcare has taken over Edgewell’s Diaper Genie brand diaper-disposal system, Litter Genie cat litter-disposal system, and Playtex brand child-care products, which include an array of baby bottles, cups and utensils.

Rod Little, Edgewell's president and chief executive officer, said the company wishes its former colleagues well as they move forward under new ownership.

"Completing this transaction is a key step in the transformation of Edgewell's portfolio," Little said in an announcement. “We are making great progress reshaping the company, investing in our core brands and new growth opportunities, and realizing cost savings.” 

Sylvain Brosseau, Angelcare's CEO, called the acquisition a “logical next step” for his company, as it has been collaborating with the Edgewell team for years.

Angelcare develops and markets child and pet hygiene solutions. The two companies have had a long-standing relationship, as Angelcare is the licensor of patented technology for the Diaper Genie and Litter Genie products.

The two companies have entered into a service agreement to ensure a smooth transition in connection with the sale.

Edgewell, which has some 6,000 employees worldwide, is behind well-known products such as Schick and Wilkinson Sword shaving razors; Edge and Skintimate shaving preparations; Wet Ones moist wipes; feminine products under the Playtex, Stayfree, Carefree and o.b. brands;  and sun protection products, including Hawaiian Tropic, Bulldog and Jack Black.

In May, Edgewell announced its plans to acquire shaving rival Harry’s for $1.37 billion in stock and cash.

Edgewell, listed as EPC on the stock exchange, was trading at 31.12 as of Thursday afternoon, up from a low of 26.66 in late June and down from a high of 46.31 last February.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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