CINCINNATI (AdAge.com) -- Church & Dwight, maker of Arm & Hammer baking soda and a host of other baking soda-enhanced brands, has reached an agreement to acquire the consumer products business of Carter-Wallace.
The deal, via a partnership between Church & Dwight and private equity company Kelso & Co., still needs the approval of Carter-Wallace's shareholders. A second group comprising MedPointe Capital Partners, The Carlyle Group and The Cypress Group will buy the health-care business, Carter-Wallace said.
Church & Dwight acquires Carter-Wallace's Arrid antiperspirant and Lambert Kay pet-care businesses outright for $128 million and its remaining businesses, including the Nair hair removal, Trojan condom, First Response pregnancy kits and Pearl Drops toothpaste for $611 million via the partnership with Kelso.
The deal is the second acquisition announced by Church & Dwight in the past two months, following a tender offer for USA Detergents, its partner in a sales-marketing joint venture, in April.
Both deals follow the appointment of Jon Finley, a former General Mills executive who spearheaded that company's acquisition of Pillsbury, as president-chief operating officer of Church & Dwight in February.