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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Equity Bottom-Up

Prestige Brands Holdings, Inc / Equity Bottom-Up

<ul><li>PBH announced the acquisition of Breathe Right® and a portfolio of complementary brands from Foundation Consumer Healthcare for $1.045 billion, or ~$900 million net of anticipated tax benefits.</li><li>The transaction is expected to close in the first half of PBH’s FY27, subject to HSR clearance and other customary closing conditions.</li><li>The acquired portfolio generated ~$200 million in revenue and ~$95 million in EBITDA over the trailing 12 months ended December 31, 2025, implying an EBITDA margin of ~47.5%. </li></ul>

PBH announced the acquisition of Breathe Right® and a portfolio of complementary brands from Foundation Consumer Healthcare for $1.045 billion, or ~$900 million net of anticipated tax benefits.The transaction is expected to close in the first half of PBH’s FY27, subject to HSR clearance and other customary closing conditions.The acquired portfolio generated ~$200 million in revenue and ~$95 million in EBITDA over the trailing 12 months ended December 31, 2025, implying an EBITDA margin of ~47.5%. 

PBH: Breathe Right Acquisition Right on Point