Performance Health, a leader in consumer health care and the largest 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.
Within Performance Health, Biofreeze has grown to become the number one clinically recommended topical pain relief brand and the number two topical pain relief brand in the United States. TheraPearl has also grown to become the number one premium hot and cold therapy brand in the United States.
"The team at Performance Health has built two tremendous brands benefitting millions of American consumers and we're confident that RB, with its expansive global distribution network, will be a strong partner for Biofreeze and TheraPearl moving forward," said Francis X. Dirksmeier, Chief Executive Officer of Performance Health. "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."
Tim Sullivan, a member of the Performance Health Board of Directors and a Managing Director at Madison Dearborn Partners, which holds a majority ownership position in Performance Health through its affiliated funds, added: "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."
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.
Goldman Sachs and Barclays are serving as financial advisers and Kirkland & Ellis LLP is providing legal counsel to Performance Health.