Spectrum Acquires Pet-Products Maker FURminator
MADISON, Wis.-Spectrum Brands, parent company of the Remington personal-care line and the Russell Hobbs cooking-products business, has signed an agreement to purchase FURminator, a global provider of branded and patented deshedding products for pets, from HKW Capital Partners for $140 million in cash. The deal is expected to close at the end of 2011.
The acquisition is intended to build up Spectrum's United Pet Group (UPG). "FURminator immediately expands and further strengthens UPG's broad companion animal product portfolio through entry into the large and growing dog and cat grooming category," said Dave Lumley, Spectrum's CEO. Founded in 2002, FURminator markets professional-quality dog and cat grooming tools and accessories, according to a Spectrum statement. Its annual sales are nearly $40 million.