Prestige Brands Holdings Inc. (NYSE: PBH) has agreed to sell the Fiber Choice, New Skin and PediaCare brands to Moberg Pharma AB for $40 million in cash. The sale is part of Prestige’s “invest for growth” plan, while it gives Moberg a chance to expand in the U.S.

New Skin makes liquid bandages; PediaCare produces over the counter children medicine; and Fiber Choice manufactures fiber care products. Prestige, based in Tarrytown, New York, says the divestitures will move the company closer to having 85 percent of Prestige’s total revenue come from “invest for growth” product lines. Prestige owns the Clear Eyes, Dramamine and Luden’s brands. In 2015, Prestige acquired floss picks maker DenTek Oral Care Inc. from TSG Consumer Partners LLC for $225 million in cash.

Moberg is a Stochholm, Sweden-based over the counter pharmaceutical distributor. The company owns the Kerasal nail care, Balmex diaper rash and Domeboro skin treatment products.

Strategic buyers are reshuffling their businesses by shedding slow-growing brands and making acquisitions in their core divisions in an effort to boost profitability. Church & Dwight Co. (NYSE: CHD) sold the Cameo copper and brass cleaner, Snobol toilet bowl cleaner and the Parsons’ ammonia brands to Brillo owner Armaly Brands.

Procter & Gamble Co. (NYSE: PG) has plans to sell 105 brands, including 40-plus beauty brands to Coty Inc. (NYSE: COTY). The company recently completed the sale of Duracell batteries to Warren Buffett's Berkshire Hathaway Inc. (NYSE: BRK.A) and agreed to sell the global license and certain assets of the Christina Aguilera fragrance business to the Elizabeth Arden Inc. (Nasdaq: RDEN).

ConAgra Foods Inc. (NYSE: CAG) is selling the JM Swank food ingredient distribution business to Platinum Equity. The company is in the process of spinning off the Lamb Weston frozen french fries division into a separate publicly-traded company and completed the sale of its private label division.

Newell Brands (NYSE: NWL) is also buying and selling. The company, which won Mergers & Acquisitions' 2015 M&A Mid-Market Award for Strategic Buyer of the Year, agreed to sell Levolor and Kirsch window covering brands to Hunter Douglas for $270 million. In 2015, Newell paid $600 million for Elmer’s Product’s Inc.

Sawaya Segalas & Co. is advising Prestige, which is being represented by Reed Smith. Carnegie Investment Bank and Swedbank are advising Moberg and Hansen Law along with Gernandt & Danielsson are providing legal advice.