THE WHAT? Conair Corporation has announced that it has entered into a definitive agreement to be acquired by affiliates of American Securities for an undisclosed sum.
THE DETAILS Themanufacturer of Babyliss said that certain members of founding family, the Rizzutos, will retain a minority ownership. At the transaction’s close, Conair President Ron Diamond will become President and CEO of the firm.
“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.
THE WHY? As Diamond explains, “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.”