Toms Capital, a private investment firm, has acquired a significant stake in Kenvue Inc., the maker of consumer health products such as Nicorette nicotine gum and Advil pain relievers. According to regulatory filings, Toms Capital purchased 14.4 million shares of Kenvue stock at $24 per share, totaling $345.6 million.
Key Details of the Acquisition
- The acquisition makes Kenvue the second-largest holding in Toms Capital’s portfolio, accounting for 10.5% of its assets under management (AUM).
- Toms Capital had previously acquired these shares but did not disclose the information publicly until recently through a regulatory filing with the Securities and Exchange Commission (SEC).
- The filing also revealed that Tensile Holdings LLC is an investor in Kenvue Inc., having purchased approximately 3.8% of its outstanding common stock.
Background on Kenvue Inc.
Kenvue is one of several companies spun off from Johnson & Johnson last year as part of a plan to separate its consumer business into two standalone companies:
- J&J Consumer Health
- J&J Pharmaceutical Solutions Group (PSG), which will be renamed Veloce Biosciences after completing an initial public offering later this month.
The spin-off was designed to allow investors to focus on each company’s unique strengths and growth opportunities separately, rather than being tied together under one umbrella company.
Concerns and Strategic Options
Some analysts have expressed concerns that separating these businesses could lead to increased competition for talent and resources, potentially hindering their ability to innovate and grow.
Sources close to the matter have revealed that Toms Capital is urging Kenvue Inc.’s board members to consider strategic options, such as selling all or part of the company to boost shareholder value. This move would likely involve exploring potential buyers or partners who could help drive growth and increase returns on investment.
"We are urging them [Kenvue] to consider strategic options," said one source familiar with the situation. "We think there may be opportunities out there where they can sell all or part [of their business]…and get more money back out."
It remains unclear whether any potential buyers have already been identified or if discussions are ongoing with interested parties.
Response from Stakeholders
In response to inquiries about this story, representatives from various stakeholders, including J&J Consumer Health Co., which owns about 92% of Kenvue, were unavailable for comment at press time.
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