Irish company Perrigo has signed a definitive agreement for the acquisition of oral care company Ranir Global Holdings in a deal valued at $750m.
Ranir’s portfolio holds more than 300 customised oral care products including, power tooth brush heads, whitening strips, power toothbrush handles, floss, manual toothbrushes, dentures and travel kits, among others.
Perrigo CEO and president Murray Kessler said: “The addition of Ranir to the Perrigo family illustrates a key component of our new strategy, accelerating growth by pursuing adjacent self-care categories. I can’t emphasise enough the opportunity we believe exists by combining these two companies that are so closely aligned.
“This is highlighted by their geographic proximity, scale in store brands, leading market shares, strong and complementary customer relationships, a focus on quality, similar company cultures and a shared belief in the opportunity presented by the self-care mega-trend.”
The acquisition is expected to expand Perrigo’s presence in consumer-focused market in oral health care industry.
Ranir CEO and president Rich Sorota said: “Affordable self-care has never been more important as we face ever-increasing healthcare costs.
“Our two companies are immensely complementary and aligned in our greater purpose and mission. Our combined talents, scale, global presence, innovation, and understanding of self-care will help support not only our local communities, but also our suppliers, retail partners and their consumers.”
The transaction, which has been approved by Perrigo and Ranir’s board of directors, is subject to closing conditions and regulatory approvals.
It is expected to complete by the end of this year.
