Spectrum Brands Holdings acquired FURminator (FURminator, Inc.) for $140,000,000, a transaction completed in December 2011, structured as All-cash acquisition of equity from HKW Capital Partners III, L.P. and other shareholders.
FURminator (FURminator, Inc.) operates in Global Pet Supplies (companion animal; United Pet Group), is based in United States (global operations). 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.
A synergistic, bolt-on acquisition that expanded United Pet Group's companion animal portfolio into the large and growing grooming category, was expected to be accretive and margin-enhancing, and supported Spectrum's dual strategy of bolt-on acquisitions and faster debt reduction.
Advisory firms were not disclosed for this transaction.