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Reckitt Benckiser Group PLC
24 December 2021
Reckitt announces the Proposed Sale of E45 to Karo Pharma
24 December 2021 - Slough, UK - Reckitt Benckiser Group plc
("Reckitt") is pleased to announce that it has entered into an
agreement for the proposed sale of its E45 brand and related
sub-brands (the "Proposed Sale") to Karo Pharma ("Karo") for an
implied enterprise value of GBP200 million. For the financial year
ended 31 December 2020, the brands had a combined net revenue of
GBP43 million.
The Proposed Sale, if completed, would be another step forward
in Reckitt's plan to actively manage its portfolio for higher
growth, following the recent divestments of its IFCN business in
China and its Scholl brand, as well as the acquisition of
Biofreeze.
Laxman Narasimhan, Chief Executive Officer of Reckitt, said:
"E45 is an iconic, trusted skincare brand that over 60 years has
become a leader in science-based skincare. As we shift from a
brand-led to a category-led growth strategy, we are focusing on
high growth categories with brands we can stretch into new places
and spaces to support our medium-term growth ambitions, including
4-6% growth in Health. Now is the right time to pass E45 on to a
new owner, and we are confident that Karo will build on the
strength of the E45 brand to capture the significant opportunities
ahead."
The Proposed Sale is subject to the satisfaction of customary
closing conditions, including consultation with employee
representatives in France. Subject to the satisfaction of those
conditions, the Proposed Sale of the E45 business is expected to
close in the second quarter of 2022.
For further information, please contact:
Reckitt
Patty O'Hayer +44 (0)7825 755688
Director, External Relations and Government Affairs
About E45
E45 is a leading science-based skincare brand that produces an
extensive range of specially formulated products to help manage dry
or itchy skin, and conditions such as eczema, dermatitis, psoriasis
and ichthyosis. The brand was founded in 1952 and has a long
history of innovation and category leadership. Reckitt acquired the
brand as part of its acquisition of Boots Healthcare International
in 2005. The Proposed Sale includes the E45 brand and its Bactopur,
Eryplast, HC45, Hydrafnia, Immulia, Lutsine, Seboskin and Xeramance
sub-brands.
About Reckitt
Reckitt* exists to protect, heal and nurture in the relentless
pursuit of a cleaner, healthier world. We believe that access to
the highest-quality hygiene, wellness and nourishment is a right,
not a privilege.
Reckitt is the company behind some of the world's most
recognisable and trusted consumer brands in hygiene, health and
nutrition, including Air Wick, Calgon, Cillit Bang, Clearasil,
Dettol, Durex, Enfamil, Finish, Gaviscon, Harpic, Lysol, Mortein,
Mucinex, Nurofen, Nutramigen, Strepsils, Vanish, Veet, Woolite and
more.
Every day, more than 20 million Reckitt products are bought
globally. We always put consumers and people first, seek out new
opportunities, strive for excellence in all that we do and build
shared success with all our partners. We aim to do the right thing,
always.
We are a diverse global team of more than 43,000 colleagues. We
draw on our collective energy to meet our ambitions of purpose-led
brands, a healthier planet and a fairer society. Find out more, or
get in touch with us at www.reckitt.com .
*Reckitt is the trading name of the Reckitt Benckiser group of
companies
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
Further Information
Centerview Partners UK LLP ("Centerview") acted as exclusive
financial adviser to Reckitt on the transaction.
Centerview which is regulated in the United Kingdom by the
Financial Conduct Authority, is acting as financial adviser
exclusively for Reckitt and no one else in connection with the
matters set out in this announcement and will not regard any other
person as its client in relation to the matters in this
announcement and will not be responsible to anyone other than
Reckitt for providing the protections afforded to clients of
Centerview nor for providing advice in relation to any matter
referred to herein.
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END
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