Spectrum Brands Holdings, Inc. (NYSE:SPB) agreed to acquire Home Appliances and Cookware Categories of Tristar Products, Inc. for $450 million on February 3, 2022. The consideration will be $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 acquisition of the Tristar Business will be funded by a combination of cash on hand and a $500 million incremental loan incurred as a new tranche under the Company's existing credit agreement. Acquisition adds PowerXL, Emeril Lagasse and Copper Chef with net sales totaling $546 million in last twelve months ending December 31, 2021. The transaction is expected to close within the next 90 days. Credit Suisse Securities, RBC Capital Markets and Fuad Sawaya, Jeffrey H. Kuhr, Robert (Tenny) Field and Nicholas Enthoven Canaccord Genuity Sawaya Partners acted as financial advisors and Sidley Austin LLP acted as legal counsel to Spectrum Brands on the transaction. Stifel acted as exclusive financial advisor and Venable LLP as legal counsel to Tristar Products. Davis Polk & Wardwell LLP acted as legal advisor to Spectrum Brands.

Spectrum Brands Holdings, Inc. (NYSE:SPB) completed the acquisition of Home Appliances and Cookware Categories of Tristar Products, Inc. on February 18, 2022.