Coca-Cola names Waller as new CFO
ATLANTA — The Coca-Cola Co. on Thursday announced that its board of directors elected Kathy N. Waller as EVP and CFO, effective immediately. Waller is replacing Gary Fayard, who is retiring after 20 years with the company.
Waller most recently served as VP, Finance and Controller. She joined the company in 1987 as a senior accountant in the accounting research department and went on to assume roles of increasing responsibility. In addition to her role in finance, Waller leads the company’s Women’s Leadership Council. She also serves on the advisory board of Catalyst, a nonprofit organization with a mission to provide more opportunities for women and business.
Prior to joining Coca-Cola, Waller worked for Deloitte. She received her bachelor’s and MBA degrees from the University of Rochester in New York and is a certified public accountant.
The board also elected Larry M. Mark, Mark Randazza, Dr. Wamwari Waichungo, Ronald J. Lewis and Jos Wellekens as vice presidents of the company, effective immediately.
Weis Markets to invest $101M in growth in 2014
SUNBURY, Pa. — Weis Markets has announced plans to invest $101 million in its growth program in 2014.
“Since 2008, we have invested more than $500 million in our growth and improvement programs. During this period, we completed more than 100 projects,” said Weis Markets president and CEO Jonathan Weis while briefing shareholders on the company’s plans and its results during the annual shareholder meeting. “This year, we plan to invest $101 million in growth and expect to complete work on 16 projects in 2014.”
Weis said the company opened four stores in 2013, with units in Woodlawn and Towson, Md., Hillsborough N.J., and Huntingdon Valley, Pa.
Weis also spoke of several key company initiatives, including its supply chain. “As a company that self-distributes, our supply chain is a vitally important area for us. Over the last year, we have increased our focus on maximizing efficiency by driving millions of dollars of cost out of the system, while maintaining our high standards for store service. This has helped us reduce store level inventories and improve freshness.”
He also said the company is planning to expand its 1.1 million square foot distribution center in Milton, Pa., in 2014.
Prestige buys Insight Pharmaceuticals for $750 million, expands portfolio
TARRYTOWN, N.Y.-. — Prestige Brands Holdings, whose portfolio includes Chloraseptic sore throat treatments, Clear Eyes eye care products and Compound W wart treatments, has entered into an agreement to acquire Insight Pharmaceuticals, the maker of Monistat, for $750 million in cash.
As part of the transaction, Prestige will acquire tax attributes with a present value of approximately $100 million, which results in an effective purchase price of approximately $650 million. This transaction, combined with the Hydralyte transaction announced on April 15, is expected to result in pro forma revenues and adjusted EBITDA of approximately $800 million and $300 million, respectively for the company in fiscal 2015.
The transaction will extend Prestige’s portfolio of OTC brands to include Insight’s feminine care platform anchored by Monistat, an OTC yeast infection treatment. Insight’s portfolio also includes EPT home pregnancy test products and other feminine care brands. The acquisition will give Prestige a leading platform in feminine care in the United States and Canada, while also adding other OTC brands to its cough-cold, pain relief, eye and ear, and dermatological platforms.
The transaction is expected to be immediately accretive to the company’s earnings per share and free cash flow per share, exclusive of transaction, integration and purchase accounting items. The company anticipates closing on this transaction during the first half of this fiscal year, subject to customary closing conditions, including clearance under the Hart-Scott Rodino Antitrust Improvements Act of 1976.
“The acquisition of Insight Pharmaceuticals will add the attractive new feminine care platform to the Prestige portfolio. The platform is anchored by Monistat, the No. 1 brand in its category and the brand recommended most by doctors. Monistat will become the company’s largest and its first $100 million brand,” stated Matthew Mannelly, CEO of Prestige Brands.
He added, “The acquisition is expected to boost Prestige’s annual revenues to approximately $800 million, bringing us closer to our stated goal of becoming a billion dollar OTC products company. We expect that our already industry-leading free cash flow and EBITDA margins will further strengthen as a result of the acquisition of Insight. Our excellent financial profile and strong free cash flow will enable us to rapidly de-lever, consistent with our prior acquisitions.”
Insight Pharmaceuticals is a portfolio holding of Swander Pace Capital and its co-investment partner, Ontario Teachers’ Pension Plan.