Conair Corporation, a global leader in premium kitchen electric appliances, non-electric kitchenware, personal care, grooming, health and beauty products, and American Securities LLC, a leading U.S. private equity firm, announced today that Conair has entered into a definitive agreement to be acquired by affiliates of American Securities. Financial terms of the transaction were not disclosed. Certain members of the Rizzuto family will retain a minority ownership in Conair.
Based in Stamford, CT, Conair’s iconic brands include Cuisinart®, Conair®, Babyliss®, Scunci® and Waring®. Founded in 1959 by Leandro Rizzuto, the Company started as a small hair appliance company. Today, Conair sells its 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. “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, Mr. Diamond will become President and CEO of Conair.
Source: Cision PR Newswire
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