Prestige agrees to buy Breathe Right brand portfolio for $1.045 billion in cash
On March 19, 2026, Prestige Consumer Healthcare's subsidiary agreed to acquire Breathe Right and other over-the-counter brands from Foundation for $1.045 billion in cash. The company plans to fund the deal with cash on hand and a new term loan, and expects pro-forma bank-defined net leverage of about 4.0x at closing, with a return below 3.0x targeted in fiscal 2028. Closing is expected in the first half of fiscal 2027 and remains subject to closing conditions, including Hart-Scott-Rodino clearance.
Key points
- Purchase price is $1.045 billion in cash, or about $900 million net of anticipated tax benefits valued at $150 million.
- The acquired portfolio generated about $200 million of revenue and $95 million of EBITDA for the twelve months ended December 31, 2025, a price of about 11.0x EBITDA.
- Expected pro-forma bank-defined net leverage is about 4.0x at close, with a target of below 3.0x in fiscal 2028.
- Either party may terminate if the deal has not closed by July 20, 2026, subject to exceptions.
The filing
Written by AI on Nov 8, 2026, 1:54 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 20, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.