Church & Dwight Co., based in Princeton, announced it had signed a deal with Avid Health Inc. on Monday evening to acquire the gummy vitamin maker through a $650 million stock purchase.
"The acquisition of Avid's gummy vitamins business represents a great addition to our existing portfolio and brings to our company a new growth platform," said James R. Craigie, chairman and CEO of Church & Dwight, in a statement. "It is also consistent with our strategy of strengthening our business by adding number one or number two brands in areas of high growth potential."
Sales for the fiscal year ending June 30 were roughly $230 million for Avid, which produces brands such as Vitafusion for adults and L'il Critters for children.
In the announcement, Church & Dwight said through the acquisition of Avid's distribution network and other operational assets, the company is expected to save roughly $15 million in 2014. Avid's manufacturing plant is in Vancouver, Wash.