Home essentials company, Spectrum Brands, has acquired the home appliances and cookware categories of Tristar Products.
The businesses will be combined with Spectrum’s home and personal care segment, and this new combined business will be separate from Spectrum Brands as a standalone company. The acquisition adds the PowerXL, Emeril Lagasse and Copper Chef to Spectrum’s portfolio, as well as complementary market share positions.
“We are excited to announce the acquisition of the Tristar Business by our Home and Personal Care (“HPC”) segment this morning,” said David Maura, chairman and CEO of Spectrum Brands. “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 company in the global appliances market. The Tristar Business brings us a fantastic content creation studio, incredible DRTV capabilities and adds a direct-to-consumer distribution business that we believe can meaningfully lift HPC’s margins and growth rate.”
Credit Suisse Securities, RBC Capital Markets and Canaccord Genuity, Sawaya Partners acted as financial advisors and Sidley Austin LLP acted as legal counsel to Spectrum Brands on the transaction. Stifel acted as exclusive financial advisor and Venable LLP as legal counsel to Tristar Products.