PARSIPPANY, N.J.— Reckitt Benckiser (RB) Group has entered into a definitive agreement to acquire the Biofreeze brand from Performance Health, a company owned by Madison Dearborn Partners.

“This is a monumental day for the employees at Performance Health and more specifically, Biofreeze and TheraPearl. Our team has been building both brands for quite some time and RB is the perfect fit to maximize the global opportunity. Biofreeze has been in the market for over 30 years and to see this next life cycle evolving is nothing short of amazing,” said Daniel Baumwald, SVP, North America Consumer at Performance Health.

Laxman Narasimhan, CEO of RB, commented on the agreement: “Biofreeze has a strong strategic and synergistic fit with RB’s brand portfolio. We see compelling opportunities to develop the topical pain relief category globally with Biofreeze and other RB pain management brands including Nurofen, Moov and Tempra.”

Reckitt Benckiser also announced a transaction for the sale of Scholl to Yellow Wood Partners.