Spectrum Brands Holdings acquired Procter & Gamble's European pet food business (IAMS and Eukanuba brands), a transaction announced in September 2014, structured as Definitive agreement (all-cash; terms undisclosed).
Procter & Gamble's European pet food business (IAMS and Eukanuba brands) operates in Global Pet Supplies (companion animal; United Pet Group), is based in Europe (including the U.K.). 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.
Expanded United Pet Group's companion animal portfolio into pet food, added global balance between the aquatics and companion-animal segments, leveraged Spectrum's existing European pet-supplies infrastructure, and offered overhead, SG&A and distribution synergies.
Advisory firms were not disclosed for this transaction.