Kelso sells condoms to Church

The New York buyout firm will sell its 50 percent interest in Armkel, the maker of Trojan condoms, to Church & Dwight, a household product company.

Church & Dwight, a New Jersey-based maker of household products, announced its intention to buy buyout firm Kelso’s 50 percent stake in Armkel, the maker of Trojan condoms, for $254 million (€214 million).

 

The buyout firm will reap a reported $137.2 profit on the deal.

 

The deal was conceived in 2001 when Kelso teamed with Church & Dwight to buy the consumer products business of Carter-Wallace for $739 million, including debt.

 

Armkel also sells pregnancy-detection kits and hair removal products.

 

Church & Dwights announcement came as it reported preliminary results for the first quarter of 2004.

 

The statement said Armkel's sales in 2003 totaled $411 million and net income was $50.2 million.