The chemical and pharmaceutical group Bayer has completed the sale of the entire business of Dr. Scholl’s, a brand specialized in podiatry products, to the US investment fund Yellow Wood Partners for 585 million dollars, according to a statement.
“We believe that Yellow Wood Partners is the right owner to continue investing and growing the Dr. Scholl’s brand,” said Heiko Schipper, a Bayer board member and head of the Consumer Health area.
The German company acquired Dr. Scholl’s in 2014 as part of the purchase of the MSD consumer health products business, for which it disbursed $14.2 billion.
Last July, Bayer reported the agreement for the sale of Dr. Shcoll’s to Yellow Wood Partners. In 2018, Dr. Scholl’s recorded a turnover of 234 million dollars in the United States.
After the acquisition by Yellow Wood, the brand will become an independent company, in which the fund will invest “in all aspects of the business” to “boost” growth and profitability.