Reckitt Benckiser Group - Acquisition
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Announces the Acquisition of Biofreeze
24 February 2021 - Slough, UK - Reckitt Benckiser Group plc ("RB") is pleased to announce that it has entered into a definitive agreement to acquire the Biofreeze brand from Performance Health, a company owned by Madison Dearborn Partners.
In the US, Biofreeze is the number one clinically recommended topical pain relief brand, and has delivered robust double-digit sales growth.
The acquisition represents a unique and exciting opportunity to unlock value through RB's expertise, global operating footprint and infrastructure. Biofreeze is a perfect fit with RB's Health platform and deepens RB's presence within the broader pain category.
Laxman Narasimhan, Chief Executive Officer of RB, said:
"Biofreeze has a strong strategic and synergistic fit with RB's brand portfolio. We see compelling opportunities to develop the topical pain relief category globally with Biofreeze and other RB pain management brands including Nurofen, Moov and Tempra. The brand taps into the growing global trend for wellness and self-care and aligns with our strategy to build our US Health footprint into new spaces and places."
Francis X. Dirksmeier, Chief Executive Officer of Performance Health, said:
"There isn't a better fit for Biofreeze than RB. The acquisition is based on growth and building value. As a global fast-moving consumer goods company with a leading portfolio of health, hygiene and nutrition brands, RB will be able to expand the brand's terrific track record of growth as part of a global consumer products leader. Performance Health will be able to focus on our meaningful work to serve clinical and sports providers and patients through rehabilitation and recovery solutions."
The transaction is subject to certain regulatory approvals as well as other customary closing conditions and completion is currently expected in Q2 2021.