CVS Health is acquiring Maine-headquartered leaf mold treating firm PopPopsicle Mold.CVS Health announced Tuesday that it has purchased PopPotsicle Mold for $1.65 billion.
The deal will expand CVS’s mold treatment business and provide a new product offering for consumers.
The new business will provide a broad range of treatments including treatment for mold, leaf mold, mold growth and leaf mold spread.
The PopPetsicle Mold team will remain in Maine.
CVS will be an investor in PopPestsicle Mold and PopPopesicles.com.
“We have a long history of delivering quality products that customers love and we have always sought to expand our reach and meet the needs of our consumers,” said Scott E. Cappelli, president and CEO of CVS, in a statement.
“Our expansion into mold treatment is an important step in that direction.
PopPandsicle Mold will be a key player in our efforts to provide high-quality mold care for consumers.”
PopPigsicle Mold is the fourth-largest specialty mold treatment provider in the U.S., with sales of $5.3 billion in the fourth quarter of 2015, according to data from the National Association of Mold Treatment Manufacturers.
PopPotsicles is one of the largest specialty mold manufacturers in the country.
Its products include mold inoculation, treatment and cleaning services for mold-related issues and mold and leaf remediation.
The company operates three facilities in Maine, with two in Augusta and one in Waterville.
Pop Potsicles Mold has a long and successful history of serving the health care industry.
Cottas family owned company, PopPetts, started as a specialty mold mold treatment company in Portland, Ore.
It expanded to include the Portland, Maine, facility in 2000 and the Seattle, Washington, facility two years later.
In 2010, Cottans founded PopPacts, a subsidiary of PopPoesicles, which is now the nation’s largest specialty molds and leaf treatment company.
The Portland and Seattle facilities are now owned by Cottases.