Consumer products company Spectrum Brands Holdings Inc 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 skincare 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.
Source: Reuters.com