Spectrum Brands to acquire appliance and cookware business

Middleton-headquartered Spectrum Brands Holdings Inc. announced it has signed a definitive agreement to acquire the home appliances and cookware categories of Tristar Products Inc. for $325 million in cash at closing. An additional $100 million in cash will be paid if certain gross profit targets are achieved in the calendar year 2022 and another $25 million in cash or equity of the combined business if certain other gross profit targets are achieved in the calendar year 2023. The transaction is expected to close within the next 90 days. The acquisition of the Tristar Business will be funded by a combination of cash on hand and a $500 million incremental loan incurred as a new tranche under the company’s existing credit agreement. Spectrum Brands intends to use the combined home appliances and personal care businesses to create a separate global platform.