Colgate Purchases 84% of Tom’s of Maine for $100 Million.
The world’s #1 toothpaste manufacturer, Colgate Palmolive announced an agreement to purchase 84% of natural oral care leader, Tom’s of Maine. The privately held company was founded in 1970, husband and wife team Tom and Kate Chappell will retain 16% owndership after the sale.
NBN hopes that the Colgate deal requires a continuation of the Tom’s company philosophy. Tom’s donated 10% of its pre-tax profits to charities organizations and encouraging its employees to use 5% of their paid time doing volunteer work.
While we don’t think that there’ll be new fennel dishwashing soap, look for more aggressive advertising and marketing in the future.
Last year Tom’s launched its first television advertisements. Thirty-five years earlier, they borrowed $5,000 to launch their new company. Passion and perserverance pays off.