MIDDLETON — Spectrum Brands Holdings has completed the acquisition of Armored AutoGroup Parent Inc. from Avista Capital Partners for $1.4 billion in cash and assumed debt. A definitive merger agreement was announced April 28.
Armored AutoGroup is a consumer products company including such brands as Armor All and STP brands.
“We are pleased to complete this exciting and accretive acquisition which adds market-leading, iconic brands in attractive auto care retail categories to Spectrum Brands’ diverse portfolio of strong consumer brands,” said Andreas Rouvé, chief executive officer of Spectrum Brands Holdings. “This highly profitable business is expected to enhance our margins and free cash flow profile, further improve our customer mix and shelf space in complementary channels, offer substantial international growth potential by leveraging our existing global infrastructure, and enhance our overall scale and product diversification with a new, large and growing do-it-yourself auto care aftermarket category.
Armored AutoGroup will be a separate reporting segment within Spectrum Brands, known as Global Auto Care, reporting to Chief Executive Officer Andreas Rouvé.