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Church & Dwight to buy Water Pik for about $1 billion

Arm & Hammer toothpaste maker Church & Dwight said on Monday it would buy privately held Water Pik, which makes oral hygiene products and shower heads, for about $1 billion in cash.

Fort Collins, Colorado-based Water Pik makes items in the oral health space including flossers and electric toothbrushes. Its namesake product, the Water Pik Water Flosser, cleans teeth by using a pump to send a water jet through a plastic tip.

Water Pik, which had net sales of about $265 million in the year ended June 30, will be bought from private equity firm MidOcean Partners, Church & Dwight said.

Church & Dwight's oral care portfolio includes Spinbrush battery-operated toothbrushes and Orajel oral analgesics.

Church & Dwight, which also makes Trojan condom, said it expected an adjusted profit of $2.09 per share in 2018 and reaffirmed its profit forecast for 2017.

BofA Merrill Lynch was the financial adviser for Church & Dwight, while Harris Williams and Wells Fargo advised MidOcean Partners.