Church & Dwight Co. Inc., the household-products company that sells Arm & Hammer baking soda and Nair hair remover, said today it plans to buy Colorado oral-care-products company Water Pik Inc. in a $1 billion deal.

Fort Collins-based Water Pik sells water-jet flossers and shower-massage heads under the Waterpik brand.

EG Capital and The Carlyle Group, which bought Water Pik in 2007, sold the company to an investor group led by New York private-equity firm MidOcean Partners in 2013. At the time, Microsoft co-founder Paul Allen was an investor.

Ewing, New Jersey-based Church & Dwight (NYSE: CHD) says it expects the purchase to close in the third quarter. It said it plans to finance the purchase with debt.

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