Spectrum Brands announced Friday that it will buy Tristar's appliance and cookware business for up to $450 million. The portfolio includes the Emeril Everyday, PowerXL and Copper Chef brands.
According to the press release announcing the acquisition:
[The companies] signed a definitive agreement to acquire the home appliances and cookware categories ... for $325 million, in cash, at closing, up to $100 million, in cash, if certain gross profit targets are achieved in calendar year 2022 and another $25 million, in cash or equity of the combined business, if certain other gross profit targets are achieved in calendar year 2023.
The transaction is expected to close within the next 90 days.
The release also reveals the brands Spectrum is buying had "net sales totaling $546 million in last twelve months ending December 31, 2021," a growth of 85 percent over the last three years.
Congratulations to Keith & Anjali Mirchandani and the entire Tristar team!
Tristar is the second DRTV company in recent years to sell off its brands. IdeaVillage shook up the industry in March of 2019 when it sold the Finishing Touch and Flawless line to Church & Dwight in a deal valued at up to $900 million. In that deal, IdeaVillage received $475 million in cash with the possibility of earning an additional $425 million based on certain sales targets.
