American Securities LLC, a U.S. private equity firm, has, through affiliates, acquired Conair Corp., a global provider of kitchen electrics appliances, non-electric kitchenware, personal care, grooming, health and beauty products. Certain members of the Rizzuto Family have retained a minority ownership stake in Conair. Based in Stamford, CT, Conair’s brands include Cuisinart, Babyliss, Scunci and Waring.
“I am proud to continue the journey I started under Mr. Rizzuto more than 40 years ago that helped us grow our iconic brands into a world class, diversified global company sharing our products in millions of consumers’ homes,” said Ron Diamond, Conair’s president. “The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations.” With the closing of the transaction, Mr. Diamond has become President and CEO of Conair.
“We are strong believers in Conair’s vision, people and ability to deliver innovative, high quality products to its customers. We are excited to have the opportunity to work alongside the Conair team to continue growing the company,” commented Kevin Penn, a managing director of American Securities. “Conair’s success is a direct result of the hard work and dedication of the company’s employees. Our new partnership and extensive experience will help the team drive substantial additional growth,” added Helen Chiang, a Managing Director of American Securities.
Paul, Weiss, Rifkind, Wharton and Garrison LLP served as legal counsel to Conair and Weil, Gotshal & Manges LLP served as legal counsel to American Securities with respect to the transaction. Sawaya Partners LLC and PJ Solomon acted as financial advisors to Conair with respect to the transaction.