Church & Dwight Acquires Zicam Brand for $530 Million

EWING, N.J.–(BUSINESS WIRE)–Church & Dwight Co., Inc. (NYSE: CHD) has completed the acquisition of Matrixx Initiatives, Inc., the owner of the ZICAM™ brand for $530 million. The acquisition was structured as a stock purchase that the Company financed with a combination of cash and debt. Zicam is the #1 zinc supplement in the United States in the VMS (vitamins, minerals, and supplements) cough/cold shortening category. Zicam shortens the duration of a cold using zinc as the core active ingredient.

“The acquisition of Zicam represents a superb addition to our existing portfolio and brings to our Company the leading brand within zinc supplements, one of the fastest-growing sub-segments of the VMS category, said Matthew Farrell, Chairman and Chief Executive Officer of Church & Dwight.

“This acquisition meets the Company’s long-standing acquisition criteria. Specifically, Zicam is a (1) #1 brand in a niche category; (2) asset-light; (3) a growing brand, and (4) expected to be gross margin accretive to the Company. We are excited about adding the Company’s 13th power brand. Acquisitions have been a key driver of Church & Dwight’s consistently strong shareholder returns.”

Zicam’s annual net sales are projected to be approximately $90 million in 2021 and EBITDA is expected to be approximately $36 million. Once Zicam is fully integrated, Church & Dwight expects to leverage its distribution network, operating discipline, and support functions to generate anticipated annual cost savings of approximately $5 million by 2022.

Zicam is expected to be approximately 3% accretive to cash earnings in 2021. The acquisition is expected to be neutral to Q4 2020 earnings per share (EPS) and neutral to 2021 EPS due to intangible amortization, interest expense, transition expenses, and higher marketing spending.

Church & Dwight will discuss the acquisition during a management call on December 1, 2020 at 9:00 a.m. (ET). To participate, dial 877-322-9846 within the U.S. and Canada, or 631-291-4539 internationally, using access code 6273493. You can also participate via the Investor Relations section of the Company’s website at

Church & Dwight Co., Inc., founded in 1846, is the leading U.S. producer of sodium bicarbonate, popularly known as baking soda. The Company manufactures and markets a wide range of personal care, household and specialty products under recognized brand names such as ARM & HAMMER®, TROJAN®, OXICLEAN®, SPINBRUSH®, FIRST RESPONSE®, NAIR®, ORAJEL®, XTRA®, L’IL CRITTERS® and VITAFUSION®, BATISTE®, WATERPIK®, AND FLAWLESS®. These twelve key brands represent approximately 85% of the Company’s product sales. For more information, visit the Company’s website.