Care Pharmaceuticals Pty Limited entered into a purchase agreement to acquire Hydralyte from The Hydration Pharmaceuticals Trust on April 15, 2014. Prestige funded the acquisition with a combination of cash on the balance sheet and its existing credit facility with very minimal impact on the Prestige Brands leverage ratio or M&A capacity. Hydralyte had net sales of AUD 25 million ($22.18 million). The acquisition is subject to regulatory approval and customary closing conditions. The acquisition is expected to close during the first quarter of 2015. The acquisition is expected to be accretive to Prestige's earnings per share for fiscal 2015, exclusive of transaction, integration and purchase accounting items. The acquisition is projected to double the annual revenues of Care Pharmaceuticals, subsidiary of Prestige Brands Holdings, Inc.

Lazard acted as financial advisor for Hydration Pharmaceuticals. Sawaya Segalas, & Co., LLC acted as the financial advisor for Prestige Brands Holdings, Inc., parent of Care Pharmaceuticals Pty Limited. Benjamin McLaughlin of Baker & McKenzie acted as legal advisor in the transaction.
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