M&A Acquirer Playbook

Spectrum Brands Holdings, Inc. acquisition history.

Every deal, price, and strategic rationale.

Company Spectrum Brands Holdings, Inc.

SEC CIK 0000109177

Tracked filings EDGAR · 8-K

Total deals tracked

Disclosed 8-K acquisitions, 2020 — present.

Aggregate disclosed value

$831M

approximately $831 million across four disclosed acquisitions (2020–2022) — Tristar $325.0M, Rejuvenate $301.5M, Armitage $187.7M, Omega Sea $16.9M.

Active acquisition years

2020 · 2021 · 2022

four acquisitions across three fiscal years as Spectrum reshaped around Pet, Home & Garden and Home & Personal Care.

Primary sectors

Consumer products

pet care, home & garden and home & personal care — Armitage and Omega Sea (Global Pet Care), Rejuvenate (Home & Garden), Tristar (Home & Personal Care).

Verified 4 deals on this page · sourced from SEC filings

All cross-references covered.

Timeline

4 deals, $831M deployed.

Plotted by close date where disclosed, otherwise announcement. Click any marker to jump to the deal entry.

The playbook

The rationale that repeats.

Three patterns show up across Spectrum Brands's deal book — what the team buys, how it pays, and how it integrates. The patterns are the throughline; the individual deals below are the evidence.

Acquisition criteria

Bolt brands onto the three core consumer segments.

Each acquisition slotted directly into an existing reporting segment rather than building something new: Omega Sea and Armitage into Global Pet Care, Rejuvenate into Home & Garden, and Tristar into Home & Personal Care. Spectrum acquired Armitage as a premium provider of pet treats and toys to deepen Global Pet Care, and acquired For Life Products expanding the product categories provided by the H&G segment.

Tristar Products (home appliances and cookware business)For Life Products, LLC (Rejuvenate brand)Armitage Pet Care LtdOmega Sea

Capital deployment

Buy category-leading brands, not commodities.

The targets were chosen for established, premium brand equity — Good Boy, Meowee! and Wildbird in pet; Rejuvenate in household cleaning; PowerXL, Emeril Lagasse and Copper Chef in cooking appliances. The Tristar appliances business alone carried $546 million of trailing net sales and over 85% three-year sales growth, and the deal valued the PowerXL tradename intangible at $66.0 million.

Tristar Products (home appliances and cookware business)For Life Products, LLC (Rejuvenate brand)Armitage Pet Care LtdOmega Sea

Integration approach

Reshape the portfolio through acquisition and divestiture in parallel.

Spectrum's acquisition program ran alongside large divestitures — it sold its Hardware & Home Improvement business to ASSA ABLOY for $4.3 billion and exited batteries and Coevorden operations — redeploying proceeds into share repurchases and bolt-on brand purchases. The Tristar deal itself was framed as the first step toward separating a standalone, pure-play global home-appliances-and-personal-care company. Divestitures are tracked separately and are not listed among the acquisitions above.

Tristar Products (home appliances and cookware business)For Life Products, LLC (Rejuvenate brand)Armitage Pet Care LtdOmega Sea

Deal book · 4 acquisitions

The full deal book.

4 acquisitions. Click any row to see the deal value, financing structure, target revenue, executive commentary, and the original SEC filing — the evidence behind the patterns above.

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.

Why it was attractive

01 Adds leading market-share positions in the fastest-growing cooking categories (air fryers
02 indoor grills
03 toaster ovens) and an innovative
04 proven brand-building platform that complements Spectrum's existing appliances and personal-care portfolio

Capabilities acquired

Air fryersindoor grillstoaster ovens and other small kitchen appliances and cookwarePowerXLEmeril Lagasse and Copper Chef brandsproven go-to-market and product-innovation platform

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.

Deal value

$325.0M

$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)

Terms

AnnouncedFeb 2022

ClosedFeb 2022

StructureAsset and equity purchase (business combination)

Considerationall cash

Financials

Target revenue / EBITDA$546 million net sales in the twelve months ended December 31, 2021 (combined appliances platform pro forma CY2021 net sales of $1.8 billion and adjusted EBITDA of $142 million)

Cash impact / synergiesHighly complementary and synergistic market positions; combined platform intended to be separated into a standalone, higher-margin, faster-growing global appliances company.

Deal facts

GeographyUnited States

SegmentHome & Personal Care (HPC)

Integration unitHPC Brands, LLC, within the Home & Personal Care (HPC) segment

Integration timelineAnnounced February 4, 2022; completed February 18, 2022 (within roughly two weeks)

Fundingall cash (funded with cash on hand and a $500 million incremental term loan).

SEC 8-K · Tristar Products (home appliances and cookware business)

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.

Why it was attractive

01 Adds an established household-cleaning brand (Rejuvenate) with distribution through major retailers including Lowe's
02 Home Depot and Walmart
03 extending the H&G segment into new product categories

Capabilities acquired

Household surface cleaningmaintenance and restoration products under the Rejuvenate brand

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

Deal value

$301.5M

$301.5 million (all cash consideration)

Terms

AnnouncedMay 2021

ClosedMay 2021

StructureFull acquisition (100% of membership interests)

Considerationall cash

Financials

Cash impact / synergiesMarket-expansion capabilities and operational synergies; $147.0 million of the purchase price was recorded as goodwill reflecting expected integration and streamlining benefits.

Deal facts

GeographyUnited States (sold primarily in the U.S. with some distribution in LATAM and the Caribbean)

SegmentHome & Garden (H&G)

Integration unitHome & Garden (H&G) reporting segment

Integration timelineClosed and consolidated effective May 28, 2021

Not disclosed in filing Target revenue / EBITDA

Fundingall cash.

SEC 8-K · For Life Products

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.

Why it was attractive

01 Premium
02 market-leading pet-treats and toys brands (Good Boy
03 Meowee!
04 Wildbird) extend Spectrum's Global Pet Care footprint across the UK and continental Europe

Capabilities acquired

Premium pet treats and toys (dog and cat)bird-feed productsGood BoyMeowee! and Wildbird brands

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

Deal value

$187.7M

$187.7 million (approximately $187 million per the FY2020 10-K subsequent-events note; $187.7 million per the FY2021 10-K)

Terms

AnnouncedOct 2020

ClosedOct 2020

StructureFull acquisition

ConsiderationNot disclosed

Deal facts

GeographyNottingham, United Kingdom

SegmentGlobal Pet Care (GPC)

Integration unitGlobal Pet Care (GPC) reporting segment

Integration timelineClosed October 26, 2020; results consolidated within GPC from the acquisition date

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Funding(not disclosed).

SEC 8-K · Armitage Pet Care Ltd

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.

Why it was attractive

01 Premium aquatics brand (Omega) extends Spectrum's Global Pet Care portfolio into the home and commercial aquarium markets

Capabilities acquired

Premium fish foods and aquarium consumablesOmega brand

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

Deal value

$16.9M

approximately $16.9 million

Terms

AnnouncedMar 2020

ClosedMar 2020

StructureFull acquisition

ConsiderationNot disclosed

Deal facts

GeographyUnited States

SegmentGlobal Pet Care (GPC)

Integration unitGlobal Pet Care (GPC) reporting segment

Integration timelineClosed March 10, 2020; results consolidated within GPC from the acquisition date

Not disclosed in filing Target revenue / EBITDA · Cash impact / synergies

Funding(not disclosed).

SEC 8-K · Omega Sea

End of deal book

4 acquisitions · $831M deployed ·2020 — present

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4 deals, $831M deployed.

The rationale that repeats.

Bolt brands onto the three core consumer segments.

Buy category-leading brands, not commodities.

Reshape the portfolio through acquisition and divestiture in parallel.

The full deal book.

Put VectorShift to workon every deal.

Put VectorShift to work
on every deal.