High Ridge Brands OK’d to sell oral care, hair and skin care units

By Caroline Salls

Pittsburgh, March 3 – High Ridge Brands Co. received court approval of the sale of its oral care business and its hair care and skin cleansing business, according to orders filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, High Ridge announced last month that an affiliate of Perrigo Co. plc will acquire its oral care business and an affiliate of Tengram Capital Partners will acquire its hair care and skin cleansing business.

Under the terms of the agreement, the consideration includes a cash payment to High Ridge Brands of $120.5 million and the assumption by the buyers of working capital and substantially all go-forward liabilities of the businesses, as well as some cure costs associated with High Ridge’s existing business arrangements.

At closing, High Ridge Brands and the buyers will enter into a transition services agreement to provide for a seamless transfer of the oral, skin and hair businesses. That agreement is expected to span at least 12 months.

High Ridge said the sale is expected to close in the first quarter.

High Ridge is a Stamford, Conn.-based personal care products company. The company filed bankruptcy on Dec. 18 under Chapter 11 case number 19-12689.

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