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Subsequent Event
12 Months Ended
Feb. 28, 2015
Subsequent Event  
Subsequent Event

NOTE 22 – SUBSEQUENT EVENT

 

On March 31, 2015 the Company announced the acquisition of the Vicks VapoSteam U.S. liquid inhalant business from The Procter & Gamble Company (“P&G”), which includes a fully paid-up license of P&G’s Vicks VapoSteam trademarks.  In a related transaction, the Company acquired a fully paid-up license of P&G’s Vicks VapoPad trademarks for scent pads in the U.S.  The vast majority of Vicks VapoSteam and VapoPads are used in Vicks humidifiers, vaporizers and other health care devices already marketed by the Company.  The transaction includes the acquisition of certain production assets and inventory related to the above categories, as well as the right to use related product formulations and other intellectual property.  The aggregate purchase price for the two transactions was approximately $42.75 million financed under the Credit Agreement. The acquired VapoSteam business had annual revenues of approximately $10 million in calendar year 2014.