Spectrum Brands (SPB) Reports Acquisition of Rejuvenate
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Spectrum Brands Holdings, Inc. (NYSE: SPB) announced today it had entered into an agreement to acquire For Life Products, LLC (“Rejuvenate”), a leading manufacturer in the household cleaning, maintenance, and restoration segment.
Rejuvenate® offers a fast growing portfolio of innovative cleaning and surface care products for the entire home and is being acquired at a purchase price of approximately $300 million, subject to customary adjustments. Rejuvenate joins the Spectrum Brands Home & Garden division’s distinct combination of strong brands that provide consumers the best solutions to conquer nature’s challenges and enjoy life.
“Rejuvenate has generated impressive top and bottom-line growth over the last few years and provides Spectrum Brands with an immediate leadership position in the attractive household cleaning category that enhances our ability to meet increasing demand for home essential products. The acquisition aligns with our strategy to purchase strong, complimentary brands where we can leverage our efficient supply chain and strong customer relationships to drive future growth. With the acquisition of Rejuvenate, we are confident in our ability to create value through substantial revenue, supply chain and manufacturing synergies. In addition, the acquisition is margin accretive for us. And finally, we are very excited to build on the Rejuvenate commitment to providing quality, innovative products that clean, restore and protect the entire home” said David Maura, Chairman and Chief Executive Officer of Spectrum Brands.
The transaction is expected to close in the first half of the 2021 calendar year, subject to customary closing conditions, including expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
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