Ascendia Brands grows
This article was originally published in The Rose Sheet
Executive Summary
Company will acquire Calgon and the healing garden brands and related assets from Coty for $125 mil., it announces Jan. 18. The brands - which rank No. 1 and No. 2, respectively, in the specialty bath sector - are expected to "almost double" Ascendia's annual revenue to approximately $200 mil. and be accretive to 2008 fiscal year earnings. Additional "earn-out" provisions in the agreement could require Ascendia to pay Coty up to $15 mil. in cash and to issue up to $5 mil. in subordinated debt in July 2009, firm adds. Expected to close before March 1, the purchase "will enable us to build on our strategy of expanding our premium value brand offerings and will solidify our position as a leader in the bath and specialty bath categories," Ascendia CEO and Chairman Joseph A. Falsetti says. "We expect this acquisition will create attractive strategic and financial synergies as we continue to grow our business." Ascendia markets the Lander and Mr. Bubble brands...
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People In Brief
Ascendia refreshes leadership: Company taps Steven R. Scheyer president and CEO, effective March 12. A 25-year veteran of the consumer products industry, Scheyer will fill the shoes of Joseph A. Falsetti, who assumes Ascendia's executive chairman post this spring, firm says. Prior to joining Ascendia, which markets the Lander and Mr. Bubble brands, Scheyer served as president of Newell Rubbermaid's Wal-Mart division, "with global responsibility for $1 bil. of annual sales," company notes, citing his "record of delivering outstanding results" and skills in brand-building, team development and customer relations as key factors in his appointment. In connection with Ascendia's mid-January acquisition of Calgon and the healing garden brands and related assets from Coty for $125 mil., "the board of directors and I have been focused on selecting a leader who can take our business and management team to the next level," Falsetti said (1"The Rose Sheet" Jan. 22, 2007, In Brief)...
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