Spectrum Brands acquisition history

Spectrum Brands signed a definitive agreement to acquire Procter & Gamble's European pet food business, consisting of the premium IAMS and Eukanuba brands for dogs and cats. The business had approximately $200 million in annual sales and gave Spectrum's United Pet Group access to the roughly $21 billion European dog and cat food market. Eukanuba is a premium pet-specialty brand favored by top breeders and veterinarians, while IAMS holds a leading share of the U.K. premium dry dog food market.

Spectrum Brands signed a definitive agreement to acquire privately owned PetMatrix, a leading and fast-growing manufacturer and marketer of rawhide-free dog chews on pace for roughly $75 million in sales in calendar 2017. Founded in 2008, PetMatrix sells across flagship brands DreamBone and SmartBones through mass merchandisers, food and drug stores, and pet specialty stores, supported by a strong patent portfolio. The company was owned by founder and CEO Mark Stern, an affiliate of Friend Skoler & Co., and members of management.

The home appliances and cookware categories of Tristar Products, Inc., acquired into a new entity HPC Brands, LLC. The business contributed the PowerXL, Emeril Lagasse and Copper Chef brands, well-established names in the fast-growing cooking-appliances category (air fryers, indoor grills, toaster ovens), with net sales totaling $546 million in the twelve months ended December 31, 2021 and sales growth over 85% in the prior three years. $325.0 million total purchase price ($325 million cash at closing, plus up to $100 million cash in 2022 and $25 million cash or equity in 2023 if gross-profit targets are met; the $325.0M total includes $30.0 million acquisition-date fair value of contingent consideration).

We are excited to announce the acquisition of the Tristar Business by our Home and Personal Care (“HPC”) segment this morning. The strategic combination of the Tristar Business with our HPC segment represents an exciting key milestone in our pursuit to create a leading higher-margin and faster-growing appliances platform.David Maura — Chairman and Chief Executive Officer, Spectrum Brands

I am a big believer in the future prospects of this business under Spectrum Brands’ ownership and I am excited to have the deal structured to allow me to participate in the future financial performance of the business.Keith Mirchandani — Founder and Chief Executive Officer, Tristar Products, Inc.

For Life Products, LLC (“FLP”), a leading manufacturer of household cleaning, maintenance and restoration products sold under the Rejuvenate brand, including bottled liquids, mops, wipes and markers. The acquisition expanded the product categories offered by Spectrum's Home & Garden segment, which historically centered on lawn-and-garden and household-pest-control brands. $301.5 million (all cash consideration).

On May 28, 2021, the Company acquired all ownership interests in For Life Products, LLC (“FLP”) for a purchase price of $301.5 million. FLP is a leading manufacturer of household cleaning, maintenance, and restoration products sold under the Rejuvenate brand.Spectrum Brands Holdings FY2021 Form 10-K — Note 4 — Acquisitions

Armitage Pet Care Ltd, a premium pet treats and toys business headquartered in Nottingham, United Kingdom, with a portfolio of brands including the dog-treats brand Good Boy, the cat-treats brand Meowee!, and Wildbird bird-feed products, predominantly sold within the United Kingdom. $187.7 million (approximately $187 million per the FY2020 10-K subsequent-events note; $187.7 million per the FY2021 10-K).

On October 26, 2020, the Company acquired Armitage Pet Care Ltd (“Armitage”) for approximately $187 million. Located in Nottingham, United Kingdom, Armitage is a premium provider of pet treats and toys including a portfolio of brands that includes dog treats brand, Good Boy, and cat treats brand, Meowee!, among others, that are predominantly sold within the United Kingdom.Spectrum Brands Holdings FY2020 Form 10-K — Subsequent Events note

Omega Sea, LLC, a manufacturer and marketer of premium fish foods and consumable goods for the home and commercial aquarium markets, primarily consisting of the Omega brand. approximately $16.9 million.

On March 10, 2020, the Company acquired Omega Sea, LLC (“Omega”), a manufacturer and marketer of premium fish foods and consumable goods for the home and commercial aquarium markets, primarily consisting of the Omega brand, for a purchase price of approximately $16.9 million.Spectrum Brands Holdings FY2020 Form 10-K — Acquisitions discussion

Spectrum Brands Holdings acquired the GloFish operation from Yorktown Technologies LP through an asset purchase agreement, taking over the GloFish brand along with its related intellectual property and operating agreements. The GloFish business consists of the development and licensing of multiple species and color combinations of fluorescent ornamental fish sold through retail and online channels, and includes patented technology used in breeding fluorescent fish. GloFish was folded into Spectrum's PET reporting segment alongside its aquatics brands Tetra, Marineland and Instant Ocean.

Spectrum Brands Holdings acquired Armored AutoGroup, a maker of automotive appearance and performance products whose brands include Armor All and STP, along with the A/C PRO refrigerant line through its IDQ Holdings business. The all-cash acquisition added a new automotive-care platform to Spectrum's portfolio of consumer brands.

Spectrum Brands acquired privately owned Salix Animal Health, the world's largest vertically integrated producer and distributor of premium, natural rawhide dog chews, treats and snacks, with annual revenues of approximately $100 million. Founded in 1988, Salix sells flagship brands Healthy-Hide (Good 'n' Fun, Good 'n' Fit, Good 'n' Tasty) and Digest-eeze through mass merchandisers, grocery, pet specialty and warehouse clubs, backed by a flexible supply chain with plants in Brazil, Ecuador, Mexico and Colombia.

Spectrum Brands' Hardware and Home Improvement (HHI) Group completed the acquisition of privately owned Tell Manufacturing, a leading U.S. manufacturer and distributor of commercial doors, locks and hardware with annual revenues of nearly $40 million. The deal accelerated HHI's entry into the roughly $3 billion U.S. commercial door hardware and lock market. A definitive agreement had been announced on September 18, 2014.

Spectrum Brands completed the acquisition of the residential lockset business of Tong Lung Metal Industry Co. Ltd., a Taiwanese manufacturer of residential and commercial locksets and related hardware, as the final piece of its HHI purchase from Stanley Black & Decker. The purchase includes the Tong Lung name, a major residential lockset plant in Subic Bay, Philippines, and sales, R&D and engineering operations in Taiwan; products are sold predominantly under the EZSET brand. The Tong Lung residential business had roughly $48 million in sales for the twelve months ended December 31, 2011 (excluding sales to HHI); the commercial lockset business remained with Stanley Black & Decker.

Spectrum Brands completed the acquisition of the Hardware & Home Improvement Group (HHI) of Stanley Black & Decker for $1.4 billion in cash. HHI is a major manufacturer of residential locksets, builders' hardware and faucets with #1 North American positions and brands including Kwikset, Weiser, Baldwin, National Hardware, Stanley, FANAL, Pfister and EZSET. HHI generated roughly $985 million in net sales and $188 million in adjusted EBITDA for the twelve months ended June 30, 2012, and became Spectrum's fourth operating segment.

Spectrum Brands Holdings acquired a controlling 56 percent interest in Shaser Bioscience, Inc., a privately held developer of energy-based aesthetic dermatological technology for home-use hair-removal and skin-care devices. The transaction gave Spectrum exclusive rights to Shaser's full range of technology platforms and built on a 2008 commercial partnership behind the Remington i-LIGHT Pro light-based hair-removal system, establishing Spectrum's Remington personal-care division as a leader in the large, fast-growing worldwide beauty and skin-care device market.

This transaction is consistent with Spectrum Brands' strategy to grow its existing business lines through strategically and financially attractive bolt-on acquisitions in adjacent spaces.Dave Lumley — Chief Executive Officer, Spectrum Brands Holdings

Spectrum Brands' United Pet Group division acquired FURminator, the leading worldwide provider of branded, patented deshedding products for dogs and cats, from HKW Capital Partners III, L.P. and other shareholders. Founded in 2002 with annual revenues of nearly $40 million, FURminator sells under the FURminator brand in the North American pet channel and internationally and FurGOpet in the North American mass channel. The deal gave Spectrum a global leadership position in the roughly $200 million dog and cat grooming category.

Spectrum Brands acquired the assets of the Black Flag and TAT insecticide brands from The Homax Group, Inc., a portfolio company of Olympus Partners. The product lines cover liquids, aerosols, baits and traps that control ants, spiders, wasps, bedbugs, fleas and other insects, plus roach, fly and yellow jacket products for the hospitality market. Black Flag, which dates to 1833, is one of the oldest brands in the U.S. and added to Spectrum's United Industries Home & Garden pest control portfolio.

Spectrum Brands combined with privately held Russell Hobbs, Inc. in an all-stock transaction to form a global consumer-products company with an estimated $3 billion in annual revenues, adding a new home-appliance reporting segment. Russell Hobbs contributed a portfolio of well-known small-appliance brands including George Foreman, Russell Hobbs, Black & Decker (household), Toastmaster and LitterMaid. The combination was completed through a newly formed holding company, Spectrum Brands Holdings, Inc.

This transaction will enable the combined company to reap the benefits of a deep and diverse portfolio of well-known consumer brands, a strong balance sheet, significant synergies and enhanced growth opportunities.Kent Hussey — Chief Executive Officer, Spectrum Brands

Spectrum Brands acquired Jungle Labs, a San Antonio, Texas-based maker of premium water and fish care products including water conditioners, plant and fish foods, and fish medications for aquariums and ponds. The deal added innovative lines such as Tank Buddies fizz tablets and Quick Dip test strips to Spectrum's aquatics portfolio, complementing its Tetra, Marineland, ASI and Perfecto brands. Jungle Labs generated roughly $14 million in annual revenue at the time.

Rayovac acquired Tetra Holding GmbH, the Melle, Germany-based manufacturer, distributor and marketer of foods, equipment and care products for fish and reptiles, along with accessories for home aquariums and ponds. Tetra operated in more than 90 countries with leading positions in Germany, the United States, Japan and the United Kingdom, employed about 700 people and generated roughly 200 million euros in annual net sales. The company was acquired from Triton, the European private-equity firm. Combined with United Pet Group, the deal made Rayovac the world's largest manufacturer of pet supplies.

The acquisition of Tetra is a significant step forward in our strategy of becoming a more significant global player in the pet supplies industry.David A. Jones — Chairman and Chief Executive Officer, Rayovac Corporation

Rayovac acquired United Industries Corporation, the St. Louis-based manufacturer and marketer of consumer lawn-and-garden care and household insect-control products (operating as Spectrum Brands in the United States and NuGro in Canada) and a leading specialty pet-supplies supplier through its United Pet Group division. United's brands included Spectracide, Vigoro, Sta-Green, Schultz and C.I.L in lawn and garden; Hot Shot, Cutter and Repel in household insect control; and Marineland, Perfecto and Eight in One in pet supplies. United estimated total 2004 pro forma sales of about $950 million. Rayovac subsequently adopted the Spectrum Brands name.

Rayovac's publicly stated goal has been to grow through acquisitions that diversify and increase our revenue base while leveraging our global merchandising and distribution capabilities. United Industries is just such an acquisition.David A. Jones — Chairman and Chief Executive Officer, Rayovac Corporation

Rayovac Corporation acquired Remington Products Company, the Bridgeport, Connecticut-based designer and distributor of battery-powered electric shavers and accessories, grooming products, hair care appliances and other small electrical consumer appliances. The Remington brand, which dates to 1816 and introduced the world's first electric shaver in 1937, was the top-selling brand in the combined U.S. dry-shaving and personal-grooming categories on a unit basis, and reported sales of about $360.3 million and EBITDA of roughly $47.0 million for the twelve months ended June 30, 2003. It had been owned by the Kiam family and Vestar Capital Partners since 1996.

Remington brings to Rayovac a strong record of solid growth and a line of shaving, grooming and personal care products that will provide exciting diversification to our current product offerings.David A. Jones — Chairman and Chief Executive Officer, Rayovac Corporation