Conair Corporation, a global leader in premium kitchen electric appliances, non-electric kitchenware, personal care, grooming, health and beauty products, and American Securities LLC, a leading U.S. private equity firm, announced today that Conair has entered into a definitive agreement to be acquired by affiliates of American Securities. Financial terms of the transaction were not disclosed. Certain members of the Rizzuto family will retain a minority ownership in Conair.
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.
“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.
Based in Stamford CT, with operations worldwide, Conair is a leading designer, manufacturer, and marketer of branded personal care and small kitchen appliances, cookware, hair brushes & accessories, cosmetic bags, and travel accessories. For more information, visit www.conair.com.
About American Securities
Based in New York with an office in Shanghai, American Securities is a leading U.S. 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. For more information, visit www.american-securities