EL PASO, Texas — Helen of Troy on Thursday announced that it has entered into a definitive merger agreement to acquire the business of Kaz for $260 million in cash, subject to certain closing working capital and other adjustments. The acquisition is expected to close by Dec. 31.
Kaz markets a wide range of products cutting across healthcare to lawn and garden products. The company manages the Vicks and Braun brand names under license from Procter & Gamble, Honeywell under license from Honeywell and its own brands: Stinger, Softheat and Kaz. Kaz sales for the ensuing 12 months ending Dec. 31, 2011, are expected to exceed $400 million, Helen of Troy stated.
Julien Mininberg, Kaz CEO, and his management team will be joining the Helen of Troy team, Helen of Troy announced.
Helen of Troy intends to finance the acquisition through its existing working capital and through debt financing, which has been committed by Bank of America.