FRANKFURT, July 21 German private equity firm
Aurelius said on Monday it is buying Reckitt
Benckiser's Scholl shoe business in its efforts to expand
internationally, betting on the brand's growth potential.
Under the agreement, Aurelius would acquire the
international rights for the Scholl footwear business, excluding
North and South America.
The rights to that business in the Americas will go to
German drugmaker Bayer as part of its $14 billion
purchase of Merck & Co's consumer health business.
Aside from the Scholl shoe business, which is known for its
focus on comfort, Reckitt Benckiser has a Scholl-branded
footcare business that includes insoles and blister bandages.
Aurelius, which did not disclose financial details of the
deal, said it plans to develop the brand by introducing new
products and expanding in new markets.
While Scholl footwear is mostly known in western and
southern European countries such as France and Italy, it is not
on sale in Aurelius's home market, Germany.
Last year the business achieved sales of about 90 million
euros ($122 million), the statement said.
The transaction is expected to close in the third quarter of
2014 and is subject to regulatory approvals, Aurelius said.
($1 = 0.7397 Euros)
(Reporting by Kirsti Knolle and Martinne Geller; Editing by