M&A Deal Summary

Spectrum Brands Acquires Foundation Wellness

On September 1, 2003, Spectrum Brands acquired consumer products company Foundation Wellness from Vestar Capital Partners for 322M USD

Acquisition Highlights
  • This is Spectrum Brands’ 1st transaction in the Consumer Products sector.
  • This is Spectrum Brands’ 6th largest (disclosed) transaction.
  • This is Spectrum Brands’ 1st transaction in the United States.
  • This is Spectrum Brands’ 1st transaction in Ohio.
Investment Fate
  • Foundation Wellness was divested to a consortium of buyers in 2019.
  • Foundation Wellness was sold to a consortium of financial buyers in 2024.

M&A Deal Summary

Date 2003-09-01
Target Foundation Wellness
Sector Consumer Products
Buyer(s) Spectrum Brands
Sellers(s) Vestar Capital Partners
Deal Type Add-on Acquisition
Deal Value 322M USD
Advisor(s) Bear Stearns (Financial)

Target

Foundation Wellness

Wadsworth, Ohio, United States
Foundation Wellness is a specialty designer and manufacturer of branded and private label orthotic solutions, including footbeds/insoles, foot care products, orthopedic braces, sports support, and ergonomic safety products. Foundation Wellness was founded in 1934 and is based in Wadsworth, Ohio.

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Buyer(S) 1

Buyer

Spectrum Brands

Middleton, Wisconsin, United States

Category Company
Founded 1906
Sector Consumer Products
Employees3,100
Revenue 3.0B USD (2024)
DESCRIPTION

Spectrum Brands is a diversified consumer products company and a supplier of consumer batteries, residential locksets, residential builders’ hardware and faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden, and home pest control products, and personal insect repellents. Spectrum Brands was founded in 1906 and is based in Middleton, Wisconsin.


DEAL STATS #
Overall 1 of 21
Sector: Consumer Products M&A 1 of 11
Type: Add-on Acquisition M&A Deals 1 of 13
State: Ohio M&A 1 of 3
Country: United States M&A 1 of 16
Year: 2003 M&A 1 of 1
Size (of disclosed) 6 of 10
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2004-01-19 Ningbo Baowang Battery Co.

Ninghai, China

Ningbo Baowang Battery Co. produces alkaline and heavy duty batteries for retail, OEM and private label customers. The company exports its batteries to customers throughout North and South America, Europe and Asia. In addition to export sales, Ningbo Baowang has been building its distribution and market share in China and now has 26 branches and regional sales offices and distribution throughout China.

Buy -

Seller(S) 1

SELLER

Vestar Capital Partners

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1988
PE ASSETS 11.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION

Vestar Capital Partners is a private equity firm that targets management buyouts and growth capital investments across North America and Europe in the consumer, business services, and healthcare sectors. The Firm looks to invest $50 to $150 million in transactions valued up to $1 billion. Specific areas of interest include food, apparel, household goods, retail, consumer services, industrial services, information services, manufacturing, distribution, transportation, financial services, media/communications, digital health media, and medical technology. Vestar Capital Partners was formed in 1988 and is based in New York City.


DEAL STATS #
Overall 17 of 67
Sector: Consumer Products M&A 3 of 5
Type: Add-on Acquisition M&A Deals 7 of 29
State: Ohio M&A 1 of 3
Country: United States M&A 16 of 54
Year: 2003 M&A 1 of 2
Size (of disclosed) 19 of 22
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2002-10-10 Montpelier Re Holdings

Pembroke, Bermuda

Montpelier Re Holdings Ltd. is a insurance and reinsurance company that focuses on the property reinsurance market. Targeted lines of business include property catastrophe excess of loss reinsurance, property risk excess of loss reinsurance, facultative reinsurance, whole account quota share reinsurance, and property retrocession reinsurance.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2003-09-03 FL Selenia

Villastellone, TO, Italy

FL Selenia is a leading player in the development, manufacture and sale of lubricants and functional fluids for passenger, commercial and agricultural vehicles, and for industrial applications.

Buy €670M