Energizer Buys Auto Fragrance Maker

Energizer Holdings, Inc. will purchase HandStands Holding Corporation (“HandStands”) from Trivest Partners for an aggregate cash purchase price of $340 million. The deal, subject to customary regulatory approval, is expected to close in the fourth quarter.


HandStands is a leading designer and marketer of automotive fragrance and appearance products. Inclusive of recent acquisitions, calendar year 2015 pro forma net sales were approximately $128 million, with approximately 80% in the US, and adjusted pro forma EBITDA was approximately $34 million. HandStands's brands include:
• Refresh Your Car!,
• California Scents,
• Driven,
• Bahama & Co.,
• Lexol and
• Eagle One.

Energizer execs say they like what they see…and smell.


“HandStands represents a compelling strategic, operational and cultural fit for Energizer,” said Alan R. Hoskins, chief executive officer of Energizer.  “The HandStands business is complementary to our existing business with opportunities for growth.  These two businesses have similar customers, distribution channels, category management characteristics and commitment to innovation.  The acquisition allows us to leverage our global battery platform and integrated supply chain network, while providing top-line and free cash flow growth, which will further enhance our ability to drive long-term shareholder value.”
 

Energizer intends to ultimately fund the acquisition through a combination of approximately $250 million of existing cash and committed debt facilities. 


“This transaction represents an exciting milestone in HandStands' evolution,” said Chris Anderson, chief executive officer of HandStands. “The ability to leverage Energizer's strong consumer insights, industry-leading innovation and global reach positions HandStands' brands for continued growth.”