Conair, the leading US developer and marketer of personal care electrical appliances, has inked a deal with American Securities, the US private equity firm with US$23 billion in assets under management.
Founded in 1959, Conair’s leading brands include the Conair stable of cosmetic mirrors and massagers, VS Sassoon hair appliances for women, VS Sassoon for men grooming, Scunci hair accessories and BaByliss Paris hair products.
The Conair Australia subsidiary was established in 1995 and is one of the leaders in the small electrical hair care industry in Australia and New Zealand.
Australian stockists of Conair brands include Myer, David Jones, Harvey Norman, Shaver Shop, The Good Guys and Bing Lee.
Some members of the Rizzuto family, the founders of Conair, will retain a minority shareholding in the company.
Ron Diamond, the current president of Conair, will also take up the position of CEO. “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,” he adds.
Helen Chiang, a Managing Director of American Securities noted: “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.”