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Menley & James

This article was originally published in The Tan Sheet

Executive Summary

Signs definitive agreement with Edison, N.J.-based Numark Laboratories to sell substantially all of its assets and liabilities for approximately $12.9 mil. in cash, the Horshma, Penn.-based marketer of 29 OTC and toiletries brands announces Aug. 21. Numark purchases undersupported brands and revitalizes them. Products marketed include Bromo-Seltzer, Equalactin, Histalet, P-V Tussin and multivitamins. M&J OTCs include A.R.M. Allergy Relief Medication, AsthmaHaler and Benzedrex inhalers, Humabid and Serutan. M&J "does not expect to liquidate or make a distribution to stockholders as a result of the proposed transaction," but instead will seek the assistance of Warburg, Pincus Investors to find merger candidates "that will seek to take the company in a new direction and generate greater opportunities than those available through its previous businesser focus," the firm says. Sales in 1997 were $14.4 mil. on a net loss of $247,000. Year-to-date, M&J revenues are $6.9 mil. on net income of $182,000. The sale is expected to be completed in the fourth quarter and is subject to shareholder approval...
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