Yellow Wood Partners, a Boston-based private investment firm, has entered into a definitive agreement to buy the Dr. Scholl’s business, consisting of foot-care products, from Bayer for $585 million. Bayer says that the divestiture will enable it to focus on building its core over-the-counter brands.

Yellow Wood Partners will acquire the product rights to Dr. Scholl’s in the Americas and take over approximately 30 dedicated brand personnel in the United States and Canada, including sales and marketing, research and development, and others, according to Bayer.

Dr. Scholl’s generated sales of $234 million in 2018. With the acquisition, Yellow Wood Partners says it will create a company in which it plans to invest in all aspects of the business.

Bayer says the transaction is expected to close in the fourth quarter of 2019, subject to satisfaction of customary closing conditions, including approval by the competition authorities.

Source: Bayer