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Steve Silk knows how to reinvent customer brands that accept lingered above their cessation dates. Even so, he’s accustomed himself a activity that may be too far gone for a turnaround: Smith Bros. Co.

People of a assertive age—the aforementioned association who authorize for arch discounts—might bethink the 166-year-old aggregation for its agrarian cherry-flavored ahem drops and boxes that featured its barbate founders, William and Andrew Smith. Mr. Silk has invested two years and $6 actor from a private-equity close to reposition Chicago-based Smith Bros. into a maker of bloom and wellness products.

“I’m architecture an awning as advanced as cough, cold, flu and allergy,” says Mr. Silk, the company’s arch executive. “I saw that it could move from a low-margin bonbon aggregation to a high-margin, over-the-counter biologic company.”

Related: Smith Bros. application Blackhawks beards for cast revival

When Mr. Silk, 60, accustomed at its Brighton Park facility, Smith Bros. was logging maybe $1 actor in anniversary sales. (Mondelez International Inc.’s Halls cast leads with $330.5 actor in 2012 sales, about bisected the market.) Ownership had transferred through several private-equity firms until it landed in the easily of New York-based York Capital Management in 2012.

Now Walgreen Co. and Meijer Inc. food are accustomed Smith Bros.’ us line, which has been added with caffeine for daytime use, melatonin for black and electrolytes for apology and appear in honey auto and warm-apple-pie flavors. Medicated lozenges will appear in aboriginal 2014. The company, which has 150 employees, will abide to accomplish adamantine lozenges and private-label candy.

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