Church & Dwight buys Water Pik from MidOcean Partners

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Church & Dwight Co. Inc. (NYSE: CHD) has agreed to purchase Water Pik Inc., a maker of oral health products, from middle-market private equity firm MidOcean Partners. Over several years, the buyer has grown as consumer products giants are actively reshaping through M&A.

Founded in 1962, Water Pik produces a range of items used for the oral health and replacement shower head industries. The Fort Collins, Colorado-based target has a product line that includes: water flossers, powered toothbrush systems, EcoFlow water conservation shower heads, and EasySelect adjustable water pressure shower heads. The deal, expected to close in the third quarter of 2017, is valued at approximately $1 billion in cash. Harris Williams and Wells Fargo (NYSE: WFC) are acting as financial advisers to MidOcean Partners, while Kirkland & Ellis LLP is serving as legal adviser.

Church & Dwight manufactures a variety of personal care and household products. The buyer operates using a variety of well-known brands, including: Arm & Hammer, OxiClean Nair and Trojan Brands.

Established in 2003, MidOcean is a middle-market PE firm that targets multiple sectors, including: consumer, industrial and business services. The New York-based firm sold Agilex Fragrances to Firmenich in June, which it bought in December 2012. The firm also sold Penton to Informa plc, a U.K. based business information provider. Some of the firm's previous investments include: maker of skincare moisturizer Image Skincare, luggage company Travelpro Group, and kids play set manufacturer KidKraft.

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