AEA Investors has agreed to sell Burt's Bees Inc., a Durham, N.C.-based maker of personal care products like lip balm, to Clorox Co. (NYSE: CLX). The deal is valued at $925 million, net of an additional $25 million payment for anticipated tax benefits.
The Clorox Company (NYSE: CLX), as part of its strategy to grow in and beyond its core in fast-growing, higher-margin consumer-product categories, today announced it will acquire Burt's Bees, a leader in the natural personal care category.
The highly fragmented U.S. natural personal care market represents about $6.4 billion in sales and is currently growing at about 9 percent annually. Founded in 1984, the Burt's Bees