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WHIPPANY, N.J.— German pharmaceutical company Bayer AG said Monday U.S. investment firm Yellow Wood Partners will acquire its Dr. Scholl’s foot care business for $585 million.
Bayer reported that the sale will enable it to “focus on building its core over-the-counter brands.” It said that Yellow Wood Partners, based in Boston, will create a stand-alone company and plans to invest in all aspects of the business.
The transaction, which requires approval from competition authorities, is expected to close in the fourth quarter.
Dr. Scholl’s, which had sales of $234 million last year, makes insoles, inserts and a variety of foot care and treatment products. The Emerson Group will manage sales, marketing and logistics once the deal is finalized.
