Conair Corporation, the firm that started out as a small hair appliance company that grew iconic brands that include Cuisinart®, Conair®, Babyliss®, Scunci® and Waring® is getting acquired by a private equity firm.
American Securities LLC, a leading U.S. private equity firm, announced today that Conair has entered into a definitive agreement to be acquired by affiliates of American Securities. The financial terms of the transaction were not disclosed. Certain members of the Rizzuto family will retain minority ownership in Conair.
Founded in 1959 by Leandro Rizzuto, the Company started as a small hair appliance company. Today, Conair sells its products in more than 120 countries across six continents and is based in Connecticut.
“I am proud to continue the journey I started under Mr. Rizzuto more than 40 years ago that helped us grow our iconic brands into a world-class, diversified global company proudly sharing our products in millions of consumers’ homes,” said Ron Diamond, Conair’s President in a press statement.
“The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations.” Following the consummation of the transaction, Mr. Diamond will become President and CEO of Conair.
“We are excited to partner with Ron and the rest of the Conair management team as they continue to execute on a strategy to expand on the exceptional brand portfolio that consumers love all over the world,” commented Kevin Penn, a Managing Director of American Securities.
“The Company’s scale, best-in-class product offering, supply chain capabilities, and strong management team creates a sustainable competitive advantage and makes Conair a strong fit for our investment strategy,” added Helen Chiang, a Managing Director of American Securities.