MIDDLETON: Spectrum Brands Holdings (NYSE: SPB) has completed the acquisition of the kitchen appliances and cookware categories of Tristar Products Inc.
“We welcome the Tristar business and employees to our Home and Personal Care (HPC) business and are tremendously excited about this partnership and the bright future of these two complementary assets,” said David Maura, Chairman and Chief Executive of Spectrum Brands.
“I am even more excited about this strategic combination after joining our HPC global leadership and new product development, engineering and marketing teams in hosting the Tristar team last week at our Middleton, WI facilities. The energy, creativity and ideas that we have already generated, reaffirm my confidence that we will create a leading global home appliances and personal care company, separate from Spectrum Brands, with a powerful and innovative portfolio of leading brands, delivering higher margins and faster sustainable long-term growth.”
Credit Suisse Securities, RBC Capital Markets and Canaccord Genuity Sawaya Partners acted as financial advisors, and Sidley Austin LLP and Davis Polk & Wardwell LLP acted as legal counsel to Spectrum Brands on the transaction. Stifel acted as exclusive financial advisor and Venable LLP as legal counsel to Tristar Products.
Spectrum Brands are a leading supplier of shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents. www.spectrumbrands.com