Consumer products maker Colgate-Palmolive Co. said Tuesday it agreed to purchase control of the privately held Tom’s of Maine, which makes “natural” toothpaste and other personal care products, for $100 million in cash.
Colgate said the deal for 84 percent of Tom’s is expected to close in the second quarter. The Chappell family that founded Tom’s of Maine will keep a 16 percent stake in the company. Colgate will have additional share purchase opportunities over the coming years.
