Sorbent Paper Company Pty Ltd ("Sorbent") has signed an agreement with Kenvue's Singaporean subsidiary to acquire its Stayfree and Carefree feminine care business in Australia and New Zealand. Following completion of the transaction, the business in New Zealand will be managed by Sorbent's affiliate, Cottonsoft.

The acquisition marks Sorbent and Cottonsoft's entry into the feminine hygiene category and represents a further step in their strategy to strengthen their positions in the consumer tissue category while expanding their portfolios through established consumer brands in adjacent categories.

Stayfree and Carefree are well-established feminine hygiene brands with strong consumer recognition and longstanding retail presence across Australia and New Zealand.

Following completion of the transaction, Sorbent and Cottonsoft intend to leverage their respective local market expertise, customer relationships, commercial capabilities and integrated supply chain to support the continued development of the Stayfree and Carefree businesses in Australia and New Zealand.

The transaction is subject to regulatory approval in Australia and New Zealand and other customary closing conditions, as well as the completion of the Kimberly-Clark and Kenvue transaction. Financial terms of the transaction have not been disclosed.

"We are pleased to have reached an agreement with Kenvue to add Stayfree and Carefree to our growing consumer portfolio in Australia and New Zealand. This acquisition reflects our focus on investing in established consumer brands with strong local positions and deep consumer recognition.

Stayfree and Carefree would be great additions to our heritage brands Sorbent and Handee in Australia, as well as Paseo, Cottonsoft and KiwiSoft in New Zealand. As we continue to strengthen our product offering and bring the best of the world to discerning consumers across ANZ, we will also be able to serve our customers even more closely through our expanded portfolio."

- Nishant Grover, Co-Chair, Investments