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PBH

Prestige Brands

$48.74

-0.46 (-0.93%)

17:05
12/22/16
12/22
17:05
12/22/16
17:05

Prestige Brands to acquire C.B. Fleet Company for $825M

Prestige Brands has entered into a definitive agreement to acquire C.B. Fleet Company, a manufacturer, marketer, and distributor of feminine care and other over-the-counter healthcare products, for $825M in cash. The transaction is expected to result in pro forma revenues of approximately $1.0B for the company in FY18. The transaction will add brands to the company's Women's Health, Gastrointestinal and Pediatric Care categories with revenues of approximately $205M over the trailing twelve months ended September. Over time, the company expects to leverage the facility by expanding production to include current Prestige products and other initiatives. Upon closing, the transaction is expected to be immediately accretive to EPS and cash flow from operations, exclusive of transaction, integration and purchase accounting items. The company anticipates closing on this transaction by the end of 4Q17. Dependent on the timing of the closing, Prestige anticipates credit agreement defined pro forma Debt-to-EBITDA leverage at closing of approximately 5.8x, with an expectation to reduce its Debt-to-EBITDA leverage to approximately 5.0x by the end of FY18. The anticipated FY18 pro forma Adjusted EBITDA implies a purchase price multiple of approximately 11x. Prestige has secured a financing commitment for the full amount needed to consummate the transaction and may choose to fund a portion of the transaction with excess cash on hand, bank debt, bonds and/or common equity.

  • 09

    Jan

  • 09

    Jan

PBH Prestige Brands
$48.74

-0.46 (-0.93%)

08/12/16
SIDC
08/12/16
UPGRADE
SIDC
Buy
Prestige Brands upgraded to Buy from Neutral at Sidoti
08/12/16
08/12/16
UPGRADE

Buy
Follow-up: Prestige Brands upgraded to Buy on valuation at Sidoti
As previously reported, Sidoti upgraded Prestige Brands to Buy from Neutral. The firm's analyst upgraded shares citing valuation and maintained its $59 price target saying fundamentals remain intact.
09/26/16
KEYB
09/26/16
NO CHANGE
KEYB
Prestige Brands risk/reward attractive, says KeyBanc
After meeting with Prestige Brands' management, KeyBanc says that "weak category fundamentals" that hurt the company in Q1 have lessened. As a result ,the firm expects the company's organic sales to accelerate in Q2. It expects the company's organic growth to accelerate because the company divested three of its weaker brands, while "the high growth" DenTek unit it bought will be included in organic growth numbers. The firm is upbeat on the company's new CFO and keeps a $63 price target and Overweight rating on the stock.
11/17/16
GABE
11/17/16
INITIATION
Target $57
GABE
Buy
Prestige Brands initiated with a Buy at Gabelli
Gabelli analyst Zamane Bodini initiated Prestige Brands with a Buy and a $57 price target.

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