Consumer brands maker Church & Dwight Co. (CHD) announced that it is purchasing oral health product manufacturer Water Pik from middle market private equity firm MidOcean Partners for about $1 billion in cash.
The deal is expected to close sometime in the third quarter this year.
Water Pik is the number one floss brand and number one shower head replacement company in the U.S., according to the company's press release.
"We have enjoyed the opportunity to partner with CEO Richard Bisson and the Water Pik team, and believe the Company is well-positioned for continued growth under Church & Dwight," MidOcean CEO Ted Virtue said.
Church & Dwight shares were down 0.55% to $52.32 in morning trading Monday.
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