Playtex and Sun Pharmaceuticals
This article was originally published in The Tan Sheet
Executive Summary
Playtex acquires a 20% equity interest in Sun Pharmaceuticals, manufacturer of Banana Boat sun care products. In the future, Playtex may also assume distribution responsibilities for Sun Pharmaceuticals in some regions. Sun Pharmaceuticals majority shareholder Thomas H. Lee Company, a Boston-based investment holding firm, has begun discussions with current distributors of the Sun products and may reacquire distribution rights in some cases. Those rights may then be assigned to Playtex. Thomas H. Lee, which acquired its majority stake in Sun in late 1992, also holds a minority stake in Playtex.