Spectrum Brands Holdings acquired Remington Products Company, LLC for $322,000,000, a transaction completed in September 2003, structured as All-cash acquisition of 100% of Remington's membership interests, including assumed debt.
Remington Products Company, LLC operates in Global Batteries & Personal Care (shaving, grooming and personal care), is based in United States (Bridgeport, Connecticut). 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.
Diversified Rayovac beyond batteries into shaving, grooming and personal care, leveraging a shared retail customer base and common distribution channels and a mutual focus on technology and product innovation; the deal was expected to be accretive in fiscal 2004.
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
Advisory firms were not disclosed for this transaction.