Britain’s Haleon said it had agreed to sell lip balm brand ChapStick to a company owned by private equity firm Yellow Wood Partners for around $430 million in cash and a stake valued at around $80 million in the buyer.

Haleon CEO Brian McNamara said that while ChapStick was a great brand much loved by consumers around the world it was not a core focus for the company.

“Selling the brand allows us to simplify our business and pay down debt more quickly,” he said on Thursday.

ChapStick generated £112 million ($142.5 million) in revenue in 2023, said Haleon, the former consumer health division of drug developer GSK.

By Paul Sandle; editing by James Davey

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