Conair Corporation, a global leader in premium kitchen electric appliances, non-electric kitchenware, personal care, grooming, health, and beauty products, and private equity firm American Securities have entered into a definitive agreement to be acquired by affiliates of American Securities.
WHO: Based in Stamford, CT, Conair’s iconic brands include Cuisinart, Conair, Babyliss, Scunci, and Waring. Founded in 1959 by Leandro Rizzuto, the company started as a small hair appliance company. Today, Conair sells its products in more than 120 countries across six continents.
Based in New York with an office in Shanghai, American Securities is a leading US private equity firm that invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management.
IN THEIR OWN WORDS: “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 proudly 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.” Following the consummation of the transaction, Mr. Diamond will become President and CEO of Conair.
“We are excited to partner with Ron and the rest of the Conair management team as they continue to execute on a strategy to expand on the exceptional brand portfolio that consumers love all over the world,” commented Kevin Penn, a Managing Director of American Securities. “The Company’s scale, best-in-class product offering, supply chain capabilities, and strong management team creates a sustainable competitive advantage and makes Conair a strong fit for our investment strategy,” 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.
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