Spectrum Brands announced an agreement on Tuesday to acquire the owner of the Armor All and STP auto care brands for $1.4 billion.
Wisconsin-based Spectrum will take over Armored AutoGroup Parent Inc. from Avista Capital Partners; the transaction includes cash and assumed debt.
Spectrum owns brands including Black & Decker power tools, Farberware cookware, George Foreman grills, Kwikset locks and Rayovac batteries. The company reported more than $4.4 billion in sales in the latest fiscal year.
Armored AutoGroup, which also includes the A/C Pro line of car air conditioning products, is expected to generate net sales of more than $440 million this year. It is expected to operate as a separate division within Spectrum.
“This is a very exciting acquisition for Spectrum Brands that adds renowned brands with top market share positions in growing and highly profitable automotive aftermarket categories,” said Spectrum CEO Andreas Rouvé.
Spectrum said the acquisition should close before the end of June.
