With New CEO at the Table, Colgate Shows It May Have Appetite for Deals; Shares Not a Bargain
Wide-moat Colgate-Palmolive announced July 11 that it will acquire premium skincare operator Laboratoires Filorga Cosmetiques, which focuses on anti-aging facial care, in a $1.69 billion deal expected to close by the end of September. The price tag strikes us as quite rich, at a high-single-digit multiple of fiscal 2018 sales (based on data from PitchBook). However, we recognize the strategic merits of the transaction. This tie-up builds out Colgate’s presence in the on-trend and high-growth ant...Colgate-Palmolive manufactures and markets a variety of products in the United States and around the world. The company has two product segments: Oral, Personal and Home Care; and Pet Nutrition. Oral, Personal and Home Care products include toothpaste, toothbrushes and mouthwash, bar and liquid hand soaps, shower gels, shampoos, conditioners, deodorants and antiperspirants, skin care products, dishwashing detergents, fabric conditioners, household cleaners, and other similar items. Pet Nutrition products include specialty pet nutrition products manufactured and marketed by Hill's Pet Nutrition.
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