Schiff Nutrition (WNI) Acquires Immune Support Product Maker Airborne in $150M Deal
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Schiff Nutrition International, Inc., (NYSE: WNI), acquired Airborne, Inc., a leading provider of immune support products on March 30, 2012 for $150 million in cash, subject to certain adjustments.
Under the terms of the purchase agreement, Schiff acquired 100% of Airborne’s stock from GF Capital Private Equity Fund, LP for $150 million, subject to certain adjustments. Schiff funded the all-cash transaction through a combination of a new debt facility and cash on its balance sheet.
Airborne, Inc. generated net revenue of approximately $70 million for the twelve months ended February 29, 2012. Preliminarily, the company expects to recognize transaction related costs of approximately $4.5 million in fiscal 2012, of which $0.9 million was recognized during the third fiscal quarter.
The transaction is expected to become accretive during the first half of fiscal year 2014. The company is in the process of finalizing its overall cost of capital, completing its valuation of the acquired business, including allocation of purchase price to primarily intangible assets, and determining the expected timing of certain synergies. Management expects to further address the overall impact of the acquisition on its financial results and future outlook when it announces its fourth quarter and fiscal 2012 financial results.
Houlihan Lokey acted as financial advisor to Schiff in connection with the transaction.
Under the terms of the purchase agreement, Schiff acquired 100% of Airborne’s stock from GF Capital Private Equity Fund, LP for $150 million, subject to certain adjustments. Schiff funded the all-cash transaction through a combination of a new debt facility and cash on its balance sheet.
Airborne, Inc. generated net revenue of approximately $70 million for the twelve months ended February 29, 2012. Preliminarily, the company expects to recognize transaction related costs of approximately $4.5 million in fiscal 2012, of which $0.9 million was recognized during the third fiscal quarter.
The transaction is expected to become accretive during the first half of fiscal year 2014. The company is in the process of finalizing its overall cost of capital, completing its valuation of the acquired business, including allocation of purchase price to primarily intangible assets, and determining the expected timing of certain synergies. Management expects to further address the overall impact of the acquisition on its financial results and future outlook when it announces its fourth quarter and fiscal 2012 financial results.
Houlihan Lokey acted as financial advisor to Schiff in connection with the transaction.
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