Burt's Bees has been sold to Clorox.
-----------------------------------------------------------------------------------------------
Here is the news article:
Burt's Bees, which makes natural personal care products, is being purchased by Clorox for $925 million in cash.
Oakland, Calif.-based Clorox (NYSE: CLX), which makes its eponymous bleach product in addition to items such as Glad trash bags and Hidden Valley food products, said it will pay for the deal with cash and short-term debt.
Burt's Bees is headquartered in Durham. It makes lip balm, lotions, shampoos and other grooming items and is expected to generate sales of about $170 million this year. The company was founded in 1984 in Maine.
Private equity firm AEA Investors paid $179 million for 80 percent of the company in 2004 - giving it a healthy $561 million return for the share in three years. Founder Roxanne Quimby, who is no longer with the company, held on to the remaining 20 percent.
Tiangle Business Journal
No comments:
Post a Comment