Cenuco (AMEX:ICU)
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Cenuco, Inc. (AMEX:ICU) today announced that it has
acquired a series of brands from Playtex Products, Inc., (NYSE:PYX).
The brands acquired include Baby Magic(R), Ogilvie(R), Tussy(R),
Binaca(R), Mr. Bubble(R), Tek, Dentax(R), Chubs(R), Dorothy Gray(R),
and Better Off(R). Cenuco plans to integrate the acquired brands into
its Lander health and beauty care division. The purchase price for the
brand assets is $57 million, subject to certain adjustments.
Financing for the acquisition has been provided by institutional
investors, including Highgate House Funds.
Joseph A. Falsetti, Chairman and Chief Executive Officer of
Cenuco, stated: "The acquisition of these brands from Playtex is an
exceptional opportunity for our company to leverage its current
infrastructure to create substantial operational efficiencies and
build on our strategy of expanding in the premium value category. We
are looking forward to working with our financing partners to continue
to strengthen our unique positioning and accelerate customer value
creation in our targeted segments of the market. This acquisition is
expected to create attractive strategic and financial synergies as we
continue to grow our business. This acquisition will be immediately
accretive."
The Hermes Group LLC served as the financial advisor to Cenuco in
connection with the asset acquisition and The Stanford Group advised
Cenuco on the financing.
About Cenuco
Cenuco, through its Lander health and beauty care division, is a
manufacturer, marketer and distributor the LANDER and LANDER
essentials brands of health and beauty care products. Lander also
produces private label brands for a limited number of top retailers
through its Canadian facility. Lander is a leader in the growing
marketplace for value health and beauty care (HBC) products - sold in
dollar store and value focused retailers such as Wal-Mart and Kmart.
LANDER essentials is the Company's rapidly growing line of premium
value bath and body products.
The Lander brand is recognized as the largest specialty bath brand
as reported in 2004 by Information Resources, Inc. (IRI), a global
provider of market content and business performance management within
consumer goods and retail industries. The company is headquartered in
Lawrenceville, New Jersey. The company operates two manufacturing and
distribution facilities, one in Binghamton, New York and the other in
Toronto, Canada. Visit http://www.lander-hba.com for additional
information.
Visit http://www.cenuco.com for additional information.
Certain statements contained herein may constitute forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933, 21E of the Exchange Act of 1934 and/or the Private Securities
Litigation Reform Act of 1995. Such statements include, without
limitation, statements regarding business plans, future regulatory
environment and approval and, the Company's ability to comply with the
rules and policies of independent regulatory agencies. Although the
Company believes the statements contained herein to be accurate as of
the date they were made, it can give no assurance that such
expectations will prove to be correct. The Company undertakes no
obligation to update these forward-looking statements.