CEDAR RAPIDS, Iowa -- Lil' Drug Store Products Inc. yesterday announced that it has sold the Wartner brand wart removal system to Prestige Brands Holdings Inc. of Irvington, N.Y. Wartner is an over-the-counter wart removal device that uses cryotherapy, a method traditionally used by physicians, to remove warts.
Sawaya Segalas & Co. LLC, a consumer products investment banking firm, served as exclusive financial advisor to Lil' Drug Store Products. The deal brings to completion an era for the product that reshaped the wart treatment industry.[image-nocss]
"Since we acquired the exclusive rights to Wartner in 2002, the wart treatment category has grown by more than 60%," said Chris DeWolf, president and CEO of Lil' Drug Store Products. "While Wartner is a terrific business, this sale will allow Lil' Drug Store to focus on its core women's health and convenience businesses."
Wartner became the leading brand for wart treatment in 2003. In 2004, Lil' Drug Store launched plantar wart and kids line extensions.
"The current M&A environment is favorable for strong brands, and Prestige Brands is in a unique position to take Wartner to the next level," said DeWolf. "This sale will provide Lil' Drug Store with additional resources to invest in our women's health and convenience businesses domestically and internationally, plus accelerate the introduction of exciting new products.
Based in Cedar Rapids, Iowa, Lil' Drug Store Products markets Replens and RepHresh in 22 countries. In addition, Lil' Drug Store is the leading marketer of convenience-size over-the-counter drugs. This success is driven by the Convenience Profitability Program, a program designed to help retailers and wholesalers manage their health and beauty-care category for increased sales and profitability.