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Tuesday, April 28, 2015 8:38:57 PM
NEW YORK, April 28, 2015 /PRNewswire/ -- HRG Group, Inc. ("HRG") (NYSE: HRG), a diversified holding company focused on owning and acquiring businesses that it believes can, in the long term, generate sustainable free cash flow or attractive returns on investment, announced that its majority owned subsidiary, Spectrum Brands ("Spectrum"), has agreed to acquire Armored AutoGroup Parent Inc. ("Armored AutoGroup"), the leader in the US automotive aftermarket appearance category.
Spectrum expects to finance the $1.4 billion cash purchase price of the acquisition and the related fees and expenses through a combination of new debt and approximately $500 million of Spectrum common stock. HRG's board has approved HRG's participation in the Spectrum common stock issuance. The relevant transactions are expected to occur before the close of the quarter ending June 30, 2015.
"We are excited about this acquisition and the opportunities it presents for Spectrum. The Spectrum team has a superior track record of successfully integrating acquisitions, realizing meaningful synergies from newly-acquired assets and building sustainable free cash flow," said Omar Asali, President and Chief Executive Officer of HRG. "The acquisition of Armored AutoGroup is expected to substantially increase Spectrum's top and bottom lines, while also significantly diversifying its revenue and product portfolio."
About HRG Group, Inc.
HRG Group, Inc. (formerly "Harbinger Group Inc.") is a diversified holding company focused on owning and acquiring businesses that the Company believes can, in the long term, generate sustainable free cash flow or attractive returns on investment. The Company's principal operations are conducted through businesses that: offer branded consumer products (such as consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn, garden and home pest control products, personal insect repellents); offer life insurance and annuity products; provide asset-backed loans; and own energy assets. Although the Company intends to own or seek to acquire controlling equity interests, the Company may also make investments in debt instruments and hold minority equity interests in companies. For more information, visit: www.HRGgroup.com.
http://www.prnewswire.com/news-releases/hrg-group-inc-announces-armored-autogroup-acquisition-by-spectrum-brands-300073849.html
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