Procter & Gamble to Sell Spic and Span, Cinch Product Lines

Author:
Publish date:

Procter & Gamble

(PG) - Get Report

said today it will sell its Spic and Span and Cinch lines to a new marketing company formed by

Shansby Group

, a private equity partnership based in San Francisco.

While the companies didn't disclose the details of the acquisition, Procter & Gamble said it will retain the professional line of Spic and Span.

Procter & Gamble, which is based in Cincinnati, said "although Spic and Span and Cinch are highly profitable and recognizable consumer brands, they are no longer a strategic fit for us."

Shansby Group has previously invested in other brands such as Famous Amos cookies, Terra Chips and La Victoria Foods.

Shares of Procter & Gamble gained 69 cents, or 1%, to $70.63 in recent

New York Stock Exchange

trading.