Prestige Brands Holdings, Inc., the distributor of Dramamine motion sickness treatments and Monistat women's health products, signed an agreement to sell its household cleaning business for $69 million in cash.
The New York-based company said that following the completion of the divestiture, which includes Comet, Spic and Span, Cinch, Chore Boy and Chlorinol brands and related inventory, its product lines will consist solely of consumer healthcare brands.
Prestige has closed on the deal and plans to use the net proceeds to pay down debt.
The household cleaning portfolio contributed about $80.6 million, or 8% of total sales of Prestige in fiscal 2018. The company will provide a full update on the transaction and its impact in its first-quarter fiscal 2019 results Aug. 2
Sawaya Partners is acting as financial adviser to Prestige in the transaction.