Today, Energizer Holdings, Inc. (NYSE: ENR) (“Energizer”) and Reed-Union Corporation (“Reed-Union”) jointly announced the entry into an agreement for Energizer to acquire Reed-Union’s automotive appearance business, including the Nu Finish Car Polish and Nu Finish Scratch Doctor brands.
Founded in Chicago, Illinois in 1929, Reed-Union has been a consumer products pioneer and innovator. Today, in its fourth generation of leadership, Reed-Union’s auto appearance business has broad distribution across auto retail channels in the U.S., as well as sales into international markets such as Canada and Australia. The combination of product innovation and effective marketing campaigns have made Nu Finish and Scratch Doctor leading products in their categories.
“We are very excited about the combination of our auto appearance business with Reed-Union’s industry leading appearance brands,” said Alan Hoskins, Energizer’s Chief Executive Officer. “Adding the strength of the Nu Finish and Scratch Doctor brands to our existing Lexol and Eagle One products expands our auto appearance portfolio and continues our strategy of building our auto care business, both organically and through acquisitions.”
“The opportunity to combine the top-selling Nu Finish brand with Energizer’s portfolio of automotive appearance products and global resources will greatly enhance our ability to grow Reed-Union’s well-established brands,” said Peter Goldman, president of Reed-Union. “We look forward to working together to expand our market penetration in order to serve and support the next generation of consumers.”
Energizer intends to fund the acquisition through a combination of existing cash and committed debt facilities.
Sawaya Partners, LLC, a leading consumer investment banking firm, acted as exclusive financial advisor to Energizer on this transaction.
