Kelso Fund IX Announces Agreement to Acquire Plan B
September 25, 2017
Kelso is pleased to announce that on September 18, 2017, through an investment in Foundation Consumer Healthcare (“Foundation”), we signed a definitive agreement to purchase the assets of Plan B One-Step (“Plan B”) from Teva Pharmaceutical Industries Ltd. (“Teva”). As part of the transaction, Kelso partnered with Juggernaut Capital Partners (“Juggernaut”), the current owner of Foundation. Plan B is the market leading emergency contraceptive (“EC”) brand and the #1 overall selling OTC SKU in the U.S. Since receiving FDA approval in 1999 and full OTC approval (in aisle with no age restriction) in 2013, Plan B has grown to be synonymous with the EC category, selling ~4 million units annually at a retail price of ~$49. As part of the transaction, Foundation acquired Teva’s Value Brands (Take Action, Aftera and Next Choice). The Value Brands along with Plan B (collectively, the “Plan B Franchise”) represent > 90% market share in the EC category.