IRVINGTON, NY — Prestige Brands, Inc. today announced that it has acquired the rights to the Little Remedies® umbrella brand through its purchase of all of the capital stock of Vetco, Inc., a leading company engaged in the development, distribution and marketing of pediatric over-thecounter healthcare products.

The transaction was valued at approximately $49.3 million, and was funded with approximately $30 million of senior debt and the remainder with cash from the Prestige balance sheet. For the twelve months ended June 30, 2004, Vetco had EBITDA before anticipated cost savings of approximately $5.8 million and net income of approximately $5.6 million. In addition, we expect to achieve certain cost savings when integrating Vetco’s operations with Prestige. For example, we intend to eliminate several full-time positions at Vetco and move Vetco’s advertising, logistics, brokerage and media buying needs under the Prestige umbrella. After giving effect to these anticipated cost savings that we expect to achieve in the next three months, Vetco would have had pro forma EBITDA of approximately $6.7 million for the twelve months ended June 30, 2004. A reconciliation of pro forma EBITDA to EBITDA, EBITDA to net income and net income to cash flows from operations is set forth below.

Specifically designed to address the unique needs of infants and children, Little Remedies® products deliver relief of common childhood ailments without unnecessary additives such as saccharin, alcohol, artificial flavors, coloring dyes or harmful preservatives.

The Little Remedies® brand name includes, amongst others, Little Noses® nasal products, Little Tummys® digestive health products, Little Colds® cough/cold remedies and the popular Little Remedies® New Parents Survival Kit.

Vetco distributes its wide variety of products to drug and food stores, mass merchandisers and specialty retailers throughout the U.S. Sawaya Segalas & Co., LLC, a leading consumer products investment banking firm, served as exclusive financial advisor to Vetco.

About Prestige Brands, Inc.

Prestige Brands is a marketer and distributor of well-recognized, branded over-the-counter healthcare, personal care and household products sold throughout the United States and Canada. Key brands include Compound W® wart remover, Chloraseptic® sore-throat relief products, New-Skin® liquid bandage, Clear Eyes® and Murine® eye and ear care products, Cutex® nail polish remover, Comet® and Spic & Span® household cleaner and several other well recognized brands. Prestige Brands is controlled by affiliates of GTCR Golder Rauner, LLC. Prestige Brands is headquartered in Irvington, New York. For more information, visit www.prestigebrandsinc.com.

About GTCR Golder Rauner, LLC

Founded in 1980, GTCR Golder Rauner is a leading private equity investment firm and long-term strategic partner for outstanding management teams. The Chicago-based firm pioneered the investment strategy of identifying and partnering with exceptional executives to build leading companies through a combination of acquisitions and strong internal growth. GTCR currently manages more than $6 billion of equity capital invested in a wide range of companies and industries. For more information, visit www.gtcr.com.