Spectrum Brands Holdings, Inc.

Canaccord Genuity Sawaya Partners Advises Spectrum Brands on its Acquisition of Tristar Products’ Home Appliances and Cookware Businesses

The acquisition brings an innovative go-to-market platform with a proven track record of building brands and driving category growth, and adds highly complementary and synergistic leading market share positions in the fastest growing cooking categories, including air fryers, indoor grills, and toaster ovens.

Canaccord Genuity Sawaya Partners is pleased to announce it has advised Spectrum Brands Holdings, Inc. (NYSE: SPB), a leading global branded consumer products and home essentials company, on its definitive agreement to acquire the home appliances and cookware categories of Tristar Products, Inc. The acquired business will be combined with Spectrum Brands’ global pet care and home and garden businesses, and then separated from Spectrum Brands later this year to create a new, standalone global company. Spectrum Brands will pay $325 million in cash at closing, as well as up to an additional $100 million in cash, if certain gross profit targets are achieved in calendar year 2022, and another $25 million, in cash or equity of the combined businesses if certain other gross profit targets are achieved in calendar year 2023. The transaction is expected to close within the next 90 days.

Spectrum Brands is a home essentials company with a mission to make living better at home. Focused on delivering innovative products and solutions to consumers for use in and around the home through its trusted brands, Spectrum Brands is the leading supplier of shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents. Helping to meet the needs of consumers worldwide, Spectrum Brands offers a broad portfolio of market-leading, well-known, and widely trusted brands, including Remington®, George Foreman®, Russell Hobbs®, Black+Decker®, Tetra®, DreamBone®, and many more.

Tristar Products is recognized in the industry as the premier direct response market leader worldwide. The success of Tristar, an Inc. 5000 company, relies on its established brands, proven international and domestic distribution channels, and media power in more than 100 countries. Tristar has established domestic and international market dominance using a 360-degree approach that includes online, social media, TV media, and distribution in many retailers around the world.

The acquisition of the Tristar businesses adds well-established brands in the fast-growing cooking appliances category, including PowerXL, Emeril Lagasse, and Copper Chef, for which sales have grown more than 85% in the last three years, with net sales totaling $546 million in 2021. Spectrum Brands plans to use the combined home appliances and personal care businesses to create a separate, pure play global platform.

Canaccord Genuity Sawaya Partners served as a financial advisor to Spectrum Brands Holdings, Inc.