EL PASO, Texas — Helen of Troy Ltd. plans to acquire health care and home products maker Kaz Inc. for $260 million.
Helen of Troy said Thursday that the cash deal is slated to be completed by Dec. 31, pending the closing of financing for the transaction, regulatory approvals and other conditions.
The product portfolio of Southborough, Mass.-based Kaz, which has annual sales of over $400 million, includes company-owned brands Stinger, Softheat and Kaz as well as licensed brands Vicks and Braun (from Procter & Gamble Co.) and Honeywell (from Honeywell). Kaz’s health and home environment products, sold worldwide, include vaporizers, humidifiers, digital, infrared and noninvasive thermometers, blood pressure monitors, hot/cold health care therapy, air purifiers, seasonal humidifiers, heaters, fans, and dehumidifiers, and lawn and garden products.
"We are very excited about welcoming the Kaz organization into Helen of Troy. Kaz is a world-class business with excellent leadership with significant potential for growth, both domestically and internationally," Gerald Rubin, chairman and chief executive officer of Helen of Troy, said in a statement. "We are pleased that Julien Mininberg, chief executive officer of Kaz, and his talented management team will be joining our Helen of Troy family. Kaz’s business and culture will continue to operate as it has in the past."
Helen of Troy Limited is a manufacturer, designer and marketer of brand-name personal care and household products. Its personal care products include hair dryers, hair straighteners, curling irons, hair setters, women’s shavers, brushes, combs, hair accessories, home hair clippers, mirrors, foot baths, body massagers, paraffin baths, liquid hair styling products, body powder, shampoos, hair treatments, deodorants and skin care products under company-owned brands including Infusium 23, Brut, Pro Beauty Tools, Pert Plus, Sure, Vitalis, Final Net, Ammens, Condition 3-in-1, SkinMilk, Dazey, Caruso, Karina, DCNL, Nandi, Isobel and Ogilvie as well as under licensed brands including Vidal Sassoon, Revlon, Dr. Scholl’s, Sunbeam, Health at Home, Health o meter, Sea Breeze, Vitapointe, Toni & Guy, Bed Head and TIGI.
The company also markets hair and beauty care products under the Helen of Troy, Hot Tools, Hot Spa, Salon Edition, Gallery Series, Wigo, Fusion Tools, Belson, Belson Pro, Gold ‘N Hot, Curlmaster, Profiles, Comare, Mega Hot and Shear Technology owned brands to the professional beauty salon industry.
Its household products include kitchen tools, cutlery, bar and wine accessories, household cleaning tools, tea kettles, trash cans, storage and organization products, gardening tools, kitchen mitts and trivets, barbeque tools, rechargeable lighting and baby-toddler products under the OXO, Good Grips, OXO tot and Candela brands.
"After 84 years and three generations, the Katzman family is very pleased that Kaz will continue to operate as a vibrant part of the Helen of Troy organization," commented Richard Katzman, chairman of Kaz. "They have built an outstanding company that shares the same entrepreneurial culture and core values that have been essential to our success. I believe the combination of these two market leaders will be very powerful."
Added Mininberg, "We are excited to be joining the Helen of Troy family. Their well-respected expertise in worldwide sourcing, marketing and distribution of consumer products will complement our own. The increased critical mass will enhance our ability to maintain and expand our leadership role in the markets we serve. Helen of Troy’s financial and sourcing strengths make for a uniquely compelling business combination for the Kaz team."
With the acquisition of the Kaz business, Helen of Troy will have combined annual net sales of more than $1.1 billion in fiscal 2012, according to Rubin. "Helen of Troy and Kaz are committed to together building a world-class consumer products company that uses its impressive stable of global brands, its outstanding people and its strong capabilities to drive shareholder value," he stated.
