Church & Dwight Becomes Owner of Leading Zinc Supplement After $530M Deal

Who owns Zicam now? The answer is Church & Dwight Co., Inc. (NYSE: CHD), a consumer health giant that just completed a major acquisition of the popular cold-shortening brand. The company paid $530 million to acquire Matrixx Initiatives and its flagship product, marking a significant bet on the booming supplements category.

Why This Deal Matters for the Supplements Market

The move signals strong confidence in zinc supplements, which have emerged as one of the fastest-growing segments within the VMS (vitamins, minerals, and supplements) category. Zicam holds the #1 position in the U.S. zinc supplement market specifically for cough and cold relief. The brand uses zinc as its core active ingredient to help shorten cold duration—a proven consumer need.

Church & Dwight’s CEO Matthew Farrell highlighted why this acquisition fits the company’s playbook perfectly. Zicam checks all four boxes: it’s the leading brand in its niche, asset-light, demonstrating growth momentum, and expected to boost gross margins. This represents the company’s 13th “power brand,” reflecting a long-standing strategy where acquisitions have consistently driven shareholder value.

The Numbers: What Church & Dwight Gets

The deal brings in meaningful revenue. Zicam was projected to generate approximately $90 million in annual net sales during 2021, with EBITDA around $36 million. Post-acquisition, Church & Dwight expects to strip out roughly $5 million in annual costs by 2022 by leveraging its distribution network and operational infrastructure.

In 2021, Zicam was anticipated to be approximately 3% accretive to cash earnings. The acquisition was expected to be neutral to Q4 2020 EPS and neutral to 2021 EPS when accounting for intangible amortization, interest expense, and transition costs—though higher marketing spending was also factored in.

Integration Strategy and Market Position

Church & Dwight financed the deal through a combination of cash and debt. The integration strategy focuses on utilizing the parent company’s distribution scale, operational discipline, and support infrastructure to unlock synergies. By combining Zicam’s market leadership with Church & Dwight’s resources, the company aims to expand the brand’s reach and profitability.

The acquisition underscores a broader trend: established consumer health companies are increasingly targeting niche-leading brands in high-growth supplement categories. With zinc supplements gaining consumer attention for immune and cold-related benefits, Zicam’s #1 positioning made it an attractive platform for growth.