Spectrum Brands Holdings Completes Acquisition of FURminator, Global Leader in Branded Dog and Cat Grooming Products
“FURminator is an ideal fit with our stated strategy to seek synergistic, bolt-on acquisitions that expand our product line with strong, complementary brands in growing categories, increase and extend our market penetration, and provide for manufacturing and distribution synergies,” Mr. Lumley said.
Dec 26 2011 --- Spectrum Brands Holdings, Inc., a global consumer products company with market-leading brands, announced its United Pet Group (UPG) subsidiary has completed the acquisition of FURminator, the leading worldwide provider of branded and patented deshedding products to the pet industry, from HKW Capital Partners III, L.P. and the other shareholders. A definitive agreement to acquire FURminator was announced on December 6.
“FURminator is an outstanding addition to UPG and its broad companion animal product portfolio, giving us the global leadership position in the large and growing $200 million dog and cat grooming category,” said Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings. “This accretive acquisition, which will enhance our margins, offers major revenue growth opportunities as well as manufacturing, supply chain and distribution synergies which we expect to quickly realize over the next 12 to 18 months.”
Founded in 2002 and with annual revenues of nearly $40 million, FURminator markets professional quality dog and cat products for the worldwide grooming tools and accessories category using two brands: FURminator in the North American pet channel and internationally and FurGOpet in the North American mass merchandise channel.
“FURminator is an ideal fit with our stated strategy to seek synergistic, bolt-on acquisitions that expand our product line with strong, complementary brands in growing categories, increase and extend our market penetration, and provide for manufacturing and distribution synergies,” Mr. Lumley said.
“FURminator will help advance our dual strategy,” he continued, “of accretive, bolt-on acquisitions and a resulting faster rate of debt reduction and deleveraging in fiscal 2012 and 2013 from the growth these acquisitions provide.”
