THE WHAT? Conair Corporation has announced that it has been acquired by affiliates of American Securities. Financial terms of the transaction were not disclosed.
THE DETAILS Certain members of the Rizzuto family have retained a minority ownership stake in Conair. With the closing of the transaction, Ron Diamond became President and CEO.
“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 sharing our products in millions of consumers’ homes,” he explained. “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.”
THE WHY? Helen Chiang, a Managing Director of American Securities, reveals, “We are strong believers in Conair’s vision, people and ability to deliver innovative, high quality products to its customers. We are excited to have the opportunity to work alongside the Conair team to continue growing the company,” commented Kevin Penn, a Managing Director of American Securities. “Conair’s success is a direct result of the hard work and dedication of the company’s employees. Our new partnership and extensive experience will help the team drive substantial additional growth.”