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May 13, 2019 02:00 AM

Perrigo buys toothbrush, oral care molder Ranir

Catherine Kavanaugh
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    Ranir Global Holdings LLC
    Ranir Global Holdings LLC is the world's largest private label oral care company, making toothbrushes and other items at sites in the U.S., China, India and Europe.

    Dublin-based Perrigo Co. plc is buying Grand Rapids, Mich.-based Ranir Global Holdings LLC, the world's largest private label oral care company, for $750 million.

    Founded in 1979, Ranir sells over-the-counter health and wellness products, such as power toothbrush heads and handles, whitening strips, manual toothbrushes, floss, dentures and travel kits, to major retailers in more than 50 countries. Net sales were $287 million in 2018.

    The Ranir deal lets Ireland's Perrigo expand in the oral care category with a store brand business at a time when private labels are taking market share from bigger brands. Ranir recently was named a store-brand supplier partner of the year by drug store chain CVS, and four years ago it brought back production of its electric toothbrush heads from China as part an effort to source more U.S.-made products for Wal-Mart Stores Inc.

    Ranir has plants in Changshu, China; Vadodara, India; and Europe, in addition to Grand Rapids.

    Perrigo sells private-label products for colds, allergies, pain relief, smoking cessation and infant nutrition that compare to Advil, Tylenol, Claritin, Neosporin. Perrigo's oral care offering had been limited to two brands it owns and manufactures: Plackers dental flossing and Rembrandt dental whitening products.

    The addition of Ranir represents a key component of a new strategy to accelerate growth by pursuing adjacent self-care categories, according to Perrigo CEO and President Murray Kessler.

    "I can't emphasize enough the opportunity we believe exists by combining these two companies that are so closely aligned," Kessler said in a May 10 news release. "This is highlighted by their geographic proximity, scale in store brands, leading market shares, strong and complementary customer relationships, a focus on quality, similar company cultures and a shared belief in the opportunity presented by the self-care mega-trend."

    Publicly traded Perrigo will fund the transaction using cash, proceeds from the sale of its animal health business and short-term debt. The deal is valued at $750 million on a cash-free, debt-free basis, or about $685 million net of cash tax benefits on a present value basis.

    Perrigo has identified several ways to drive annual operating synergies of about $10 million by 2021 in addition to capturing tax value due to the structure of the deal, which is expected to close in the third quarter.

    The acquisition will diversify Perrigo's sales and cash flow while adding about 650 employees, including seasoned executives. The release says both management teams see opportunities to expand the Ranir footprint through Perrigo's global platform, adding that Ranir is well positioned to serve the growing demand for customized, store brand oral care products.

    "Affordable self-care has never been more important as we face ever-increasing health care costs," Ranir CEO and President Rich Sorota said in the release. "As part of this plan, we are taking the next step in our transformation, while remaining fully committed to our heritage and values.

    "Our two companies are immensely complementary and aligned in our greater purpose and mission. Our combined talents, scale, global presence, innovation, and understanding of self-care will help support not only our local communities, but also our suppliers, retail partners and their consumers."

    The proposed transaction has been unanimously approved by the boards of directors of Perrigo and Ranir and is subject to closing conditions and regulatory approvals.

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