Pet grooming products company FURminator has been acquired by Spectrum Brands Holdings’ United Pet Group (UPG) division recently. In a definitive agreement amounting to $140 million dollars, the Indianapolis private equity group will close the deal at the end of 2011.
Founded in 2002 with annual revenues reaching nearly $40 million, founders David and Angela Porter sold a majority stake of FURminator to private equity firm HKW Capital Partners III LP in 2008. Spectrum Brands reported $3.2 billion in revenue for its 2011 fiscal year, which ended September 30, 2011. Spectrum recently acquired Black Flag and TAT, adding to its portfolio of pest control products made in St. Louis County.
Dave Lumley, Chief Executive Officer of Spectrum Brands Holdings, reported, “With the significant synergies we expect to achieve with FURminator in the next 12 to 18 months, we believe the purchase price will result in a multiple paid in the range of just 6 to 7 times.” Lumley also believes this acquisition will help strengthen UPG’s product segments of aquatics and companion animal products.
At the end of 2010, FURminator had 30 local employees. The company has worked to protect its intellectual property in order to prevent counterfeiters by partnering with United States customs officials and filing lawsuits against offenders.
FURminator targets their patented products to the pet owner who wants to address the issue of shedding, with an estimated 120 million dog and cat-owning households in the United States and Europe. The company markets grooming tools and accessories worldwide for dogs and cats.
To learn more about FURminator, visit www.furminator.com. Further information about United Pet Group may be found at www.unitedpetgroup.com. The website for Spectrum Holdings is www.spectrumbrands.com.