Procter & Gamble Co., Cincinnati, agreed to sell its Prell shampoo brand to Prestige Brands International, Bonita Springs, Fla. Details of the transaction, to be completed in the next three months, weren't released. Prell is the first acquisition for Prestige, a newly formed company, backed by several venture capital groups, that plans to acquire and market established consumer-goods brands. Leo Burnett
USA, Chicago, was agency of record for Prell, but the brand hadn't received ad support in recent years. Prell is one of several lesser brands P&G has placed on the block in recent months to concentrate on better-selling offerings. The company announced in May it would sell Prell, which made up only 1% of its beauty-care sales, to concentrate on Head & Shoulders, Pantene and Pert Plus. In February, P&G had announced it would sell Coast soap to concentrate on Safeguard and Zest.
Copyright November 1999, Crain Communications Inc.