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Perrigo Sells Careline, Its Consumer Products Division

Transaction Represents 21st Cross-Border Deal in the Last 12 months


March 23, 2010 - William Blair & Company announces the success of its client, Perrigo Company, in connection with the sale of Careline, its consumer products division, to Emilia Development (OFG) Ltd. for NIS 205,000,000, or US$54,000,000. This is the fourth transaction with Perrigo Company in the last eight years.

Careline, based near Tel Aviv, is Israel’s leading personal care brand, as well as one of the most recognized brands in the country. The company’s products rank among the best-selling products in all personal care categories, with an estimated market share of between 40% and 15% in each category. In addition, Careline is a leading manufacturer and distributor of skin care products in the fast-growing, private-label market, selling to major U.S. retailers including Wal-Mart, Walgreens, and Rite Aid.

Perrigo Company, based in Michigan, develops, manufactures, and distributes over-the-counter and prescription pharmaceuticals, nutritional products, active pharmaceutical ingredients, and medical diagnostic products worldwide.

Emilia, based in Israel and a subsidiary of O. Feller Holdings Ltd., holds equity positions in companies involved in infrastructure, commerce, logistics, and real estate. With its highly qualified team of professional, experienced managers, Emilia identifies investments in Israel and abroad.

Perrigo engaged William Blair & Company to assist in the divestiture of Careline. The William Blair & Company team worked closely with Careline’s management to identify a list of potential buyers, develop a management presentation and data room, and negotiate the financial terms of the transaction.

For additional information about how the investment banking professionals at William Blair & Company can help your business or portfolio company, please visit our Web site, www.williamblair.com, or contact us via e-mail at corpfin@williamblair.com.



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