(RTTNews) - Colgate-Palmolive Company (CL) Thursday said it has agreed to buy Hello Products LLC, a premium oral care brand in the United States, from Tenth Avenue Holdings.
Hello's products include adult and kids toothpaste, mouth rinse, toothbrushes and floss, which are sold only in the United States primarily in food, drug and mass retailers and through e-commerce.
Including transaction costs, the acquisition is expected to be flat to a penny dilutive to 2020 earnings. The terms of the deal have not been disclosed.
The acquisition will be funded with a combination of cash and debt and is currently expected to close no later than February 2020. Hello will continue to be led by founder Craig Dubitsky and Lauri Kien Kotcher, Chief Executive Officer.
Noel Wallace, Colgate's President and CEO commented, "We are excited to welcome Hello to the Colgate family and are especially pleased that Craig and Lauri will continue in their leadership roles. We have great respect for the Hello team and their impressive product line, and value the strong connection they have made with younger consumers. With its distinct on-trend positioning, Hello is a terrific complement to our Colgate and Tom's of Maine brands and we look forward to supporting its continued growth and success."
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