Haleon has agreed to sell their ChapStick lip balm brand for £410 million to Suave Brands Company who are owned by a US private equity firm, Yellow Wood Partners.
The consumer healthcare group said that the US private equity firm will receive a minority stake in Suave valued at £63 million.
Brian McNamara, chief executive of Haleon said the sale is “consistent with Haleon being proactive in managing our portfolio, and being rigorous and disciplined where there are opportunities for divestment.”
He added, “While ChapStick is a great brand, much loved by consumers around the world, it is not a core focus for Haleon.
“Selling the brand allows us to simplify our business and pay down debt more quickly.”
