MidOcean Partners announces the sale of Water Pik to Church and Dwight for approximately USD 1bn
MidOcean Partners announced that it has signed a definitive agreement to sell Water Pik, a leading innovator, marketer and distributor of branded oral health products and replacement showerheads, to Church & Dwight, a global producer and marketer of personal care, household and specialty products under the Arm & Hammer brand name and other well-known trademarks, for approximately USD 1bn in cash. The transaction is expected to close in the third quarter of 2017, subject to customary closing conditions and regulatory approvals.
Water Pik is the n.1 water flosser brand and the n.1 replacement shower head brand in the U.S. MidOcean has extensive experience in the branded consumer products space and was attracted to Water Pik’s leading position in a fundamentally attractive market with a category-defining, dominant brand when it, along with Vulcan Capital and Northwestern Mutual, acquired Water Pik in July 2013. During MidOcean’s ownership, WaterPik generated significant organic growth in both revenue and EBITDA.