Helen of Troy to Acquire Kaz
EL PASO, Texas--Helen of Troy will purchase Kaz in a $260 million transaction that will take the personal-care giant into the health care-products and home-environment markets.
The transaction is scheduled to close on Dec. 31, subject to the closing of financing for the acquisition and customary closing conditions such as regulatory approvals, according to a Helen of Troy statement. As part of the deal, Julien Mininberg, Kaz's chief executive officer, and his management team will join Helen of Troy, and Gerald Rubin, chairman, president and CEO of Helen of Troy, said, "Kaz's business and culture will continue to operate as it has in the past." Rubin said the addition of Kaz will bring Helen of Troy's annual net sales to more than $1.1 billion.
Kaz's product line of vaporizers, humidifiers, thermometers, blood-pressure monitors, hot-cold health-care therapy products, air purifiers, seasonal humidifiers, heaters, fans and dehumidifiers (along with lawn and garden products) are marketed under the brand names Vicks and Braun through a license with Procter & Gamble; Honeywell under a license with that company; and its own brand names Kaz, Stinger and Softheat.