Spectrum Brands partners with CVC in bid for Conair -sources (updated)
07/12/2020 18:27
(Adds background on Conair)
By Joshua Franklin
Dec 7 (Reuters) - Consumer products company Spectrum Brands
Holdings Inc SPB.N has partnered with private equity firm CVC
Capital Partners Ltd in a bid to buy Conair Corporation in a
deal which could value the hair-care appliance maker around $2
billion, including debt, according to people familiar with the
matter.
Spectrum Brands and CVC's consortium is one of a number of
interested bidders for Conair, the sources said, requesting
anonymity as the matter is confidential. Family-owned Conair has
been working with financial advisers to explore a sale,
according to the sources.
CVC declined to comment. Representatives for Spectrum Brands
and Conair did not immediately respond to requests for comment.
Stamford, Connecticut-based Conair was founded in 1959 by
Leandro Rizzuto and his parents. The company says it markets its
products in over 125 countries and sells personal care products
including hair dryers and skin care items.
In addition to its flagship Conair products, its brands
include appliance maker Cuisinart and BaByliss, a maker of hair
styling products.
Rizzuto took Conair public in 1972 through an initial public
offering, only to take it private 13 years later. He died in
2017, when he was chairman of Conair's board of directors.
Forbes estimated the net worth of the family including Rizzuto
at the time around $3.5 billion.
Rizzuto's son, also called Leandro Rizzuto, worked at
Conair. He was appointed by the Trump administration as
principal officer at the U.S. consulate general in Hamilton,
Bermuda earlier this year.
(Reporting by Joshua Franklin in Miami
Editing by Chizu Nomiyama and Cynthia Osterman)
((joshua.franklin@thomsonreuters.com; +1 646-223-6356; Reuters
Messaging: joshua.franklin.thomsonreuters.com@reuters.net))