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CEDAR RAPIDS, Iowa -- Lil' Drug Store Products Inc. sold its Wartner brand wart removal system to Prestige Brands Holdings Inc. to focus on the convenience channel and women's health category.
"While Wartner is a terrific business, this sale will allow Lil' Drug Store to focus on its core women's health and convenience businesses," said Chris DeWolf, president and chief executive of Lil' Drug Store Products. "This sale will provide Lil' Drug Store with additional resources to invest in our women's health and convenience businesses domestically and internationally, plus accelerate the introduction of exciting new products," he added.
Lil' Drug Store Products markets the women's hygiene products, Replens and RepHresh, in 22 countries. The company also produces convenience-size over-the-counter drugs driven by its Convenience Profitability Program, which is designed to help retailers manage their health and beauty care category to increase sales and profits.
The Wartner brand is an over-the-counter wart removal solution that uses cryotherapy to remove the growths, similar to the treatment used by physicians. "Since we acquired the exclusive rights to Wartner in 2002, the wart treatment category has grown by more than 60 percent," said DeWolf. "The current M&A environment is favorable for strong brands, and Prestige Brands is in a unique position to take Wartner to the next level," he continued.
Sawaya Segalas & Co., LLC, a leading consumer products investment banking firm, served as financial advisor to Lil' Drug Store Products.
"Lil' Drug Store Products will continue to be the dynamic and innovative growth company it has been for more than 30 years," said DeWolf. "We are excited about our future and are glad to be where we are today."