US-based personal care company High Ridge Brands has sold off its beauty brands after filing for bankruptcy in December last year.
As part of the US$120.5m deal, pharmaceutical company Perrigo will acquire the company’s oral care brands: Dr. Fresh, Binaca, Reach and Firefly.
Meanwhile, private equity firm Tengram Capital will take over its hair and skin care portfolios, which includes Alberto VO5, Zest, Coast and White Rain.
“We are pleased to conclude a successful and competitive auction process," said Patricia Lopez, High Ridge Brands' CEO and President.
“This outcome maximises the value of our strong brands and supports the interests of all of our stakeholders.
“The buyers bring significant resources and experience, and have long track records helping acquired brands build on their strong foundations and continue to grow.”
The decision to file for bankruptcy will only apply to the company’s UK business.
