Energizer Holdings Inc. on May 11 announced the acquisition of the Edge and Skintimate shave preparation business of S.C. Johnson & Son Inc. for an aggregate purchase price of $275 million.
"We are very excited about combining the Edge and Skintimate brands with our Schick-Wilkinson Sword shaving business, strengthening both in the process," said Ward Klein, Chief Executive Officer. "As leading brands in the U.S. men's and women's shave preparation category, Edge and Skintimate are a logical and attractive adjacency for our shaving business."
Under certain circumstances, Energizer may elect to issue to S.C. Johnson, in lieu of cash payment of the purchase price, shares of non-voting redeemable preferred stock, with a liquidation preference of $310 million, and semi-annual dividends, as described in Energizer's Current Report on Form 8-K dated May 11, 2009.
The acquisition is not effective immediately and will be subject to customary conditions, including regulatory approval.
Deutsche Bank Securities Inc. acted as financial advisor to Energizer on this transaction.
The shares of preferred stock that would be offered to S.C. Johnson & Son Inc. as described above will not be registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act.
About Energizer
Energizer Holdings Inc., headquartered in St. Louis, Mo., and incorporated in 1999, is a consumer goods company operating globally in the broad categories of household and personal care products.
Energizer's Household Products Division offers consumers the broadest range of portable power solutions, anchored by the universally recognized Energizer and Eveready brands. The company's comprehensive product portfolio ranges from low-cost carbon zinc batteries suited for discount class of trades and developing markets to the world's longest lasting lithium AA and AAA primary batteries in high drain devices, plus specialty batteries, Energi To Go chargers and a complete line of battery-powered flashlights and lanterns.
Energizer's Personal Care Division offers a diversified range of consumer products in the wet shave, skin care feminine care and infant care categories. The company's portfolio includes well established brand names such as Schick and Wilkinson Sword men's and women's shaving systems and disposable razors; Playtex tampons, gloves and infant feeding products; Banana Boat and Hawaiian Tropic sun care products; and Wet Ones moist wipes.
