Performance Health, a global manufacturer and distributor of products to the rehabilitation, physical therapy, and sports medicine markets, has entered into a definitive agreement to sell its Biofreeze and TheraPearl brands to Reckitt Benckiser Group plc.
The transaction, the terms of which were not disclosed, enables Performance Health to advance its rehabilitation-, physical therapy- and sports medicine-focused growth strategy, while adding Biofreeze and TheraPearl to a leading consumer brands company with a global presence, according to a news release from the company.
Biofreeze is a topical pain relief brand, and TheraPearl is a hot and cold therapy brand.
“Biofreeze is a wonderful success story of how we can foster and grow a business and launch it into the appropriate hands at the right time. We’re looking forward to applying the knowledge and experience we have gained to our many other Performance Health brands, honoring our distributed brands, and maintaining laser focus in doing the meaningful work to serve our rehabilitation, physical therapy and sports medicine customers.”
— Francis X. Dirksmeier, Chief Executive Officer of Performance Health
“We’re pleased to have reached this agreement with RB, as it will allow Performance Health to focus on its core mission of serving the rehabilitation, physical therapy and sports medicine industry segments. We are excited to enter this new phase of growth with Fran and the team.”
— Tim Sullivan, a member of the Performance Health Board of Directors and a Managing Director at Madison Dearborn Partners (“MDP”), which holds a majority ownership position in Performance Health through its affiliated funds
The sale of Biofreeze and TheraPearl is subject to certain regulatory approvals as well as other customary closing conditions, and completion is currently expected in the second quarter of 2021, per the release.
[Source(s): Performance Health, PR Newswire]