Cuisinart and its parent company, Conair Corporation, have been acquired by private equity firm American Securities LLC.
The deal ends months of speculation over the future of Conair. In January, published reports indicated that Spectrum Brands, which distributes kitchen electrics under brands such as Black + Decker and George Foreman, and private equity firm CVC Capital Partners were “in advanced talks” to acquire Conair.
Conair was founded by Leandro Rizzuto in 1959 with a focus on hair appliances. In 1989, Conair expanded into the kitchenware segment with the acquisition of Cuisinart. The company sells products in more than 120 countries across six continents.
“I am proud to continue the journey I started under Mr. Rizzuto more than 40 years ago that helped us grow our iconic brands into a world-class, diversified global company proudly sharing our products in millions of consumers’ homes,” said Ron Diamond, Conair’s president.
He added, “The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations.”
Following the consummation of the transaction, Diamond will become president and CEO of Conair.
Financial terms of the transaction were not disclosed. Certain members of the Rizzuto family will retain a minority ownership in Conair.
“We are excited to partner with Ron and the rest of the Conair management team as they continue to execute on a strategy to expand on the exceptional brand portfolio that consumers love all over the world,” said Kevin Penn, a Managing Director of American Securities.
Based in Stamford, Conn, Cuisinart has a long history in the kitchen electrics segment and today the brand can be found on a host of food preparation and presentation products. They include cookware, bakeware, dinnerware, flatware, cutlery, kitchen tools & gadgets and outdoor grilling products.
A report in the Stamford Advocate, citing information from an American Securities spokesperson, said there no plans to relocate Conair’s current headquarters.
Based in New York with an office in Shanghai, American Securities invests in market-leading North American companies with annual revenues generally ranging from $200 million to $2 billion and/or $50 million to $250 million of EBITDA. American Securities and its affiliates have approximately $23 billion under management.