NEW YORK, Jan. 3, 2011 /PRNewswire/ — Centre Partners
Management LLC (“Centre Partners”), a leading middle market private
equity firm with offices in New York and Los Angeles, today
announced the completion of the sale of Kaz, Inc. (“Kaz” or the
“Company”) to Helen of Troy Limited (Nasdaq: HELE). Kaz is an
international leader in health care and home environment consumer
solutions. The transaction is valued at $260 million subject to
certain closing working capital and other adjustments.
Centre Partners made a strategic investment in Kaz, a closely
held family-owned business, in 2002. The firm partnered with
Richard Katzman and the Katzman family to acquire Honeywell’s home
environment appliance business, expand Kaz’s presence globally, and
position the Company for a new phase of growth.
Established in 1926 by Max Katzman, the inventor of the electric
vaporizer and grandfather of Richard Katzman, Kaz has an 84-year
tradition of product design innovation, customer service excellence
and category leadership. Under the leadership of a strong
management team and the stewardship of Centre Partners, Kaz now
markets its products to leading retailers under a variety of brand
names, including Vicks(R) and Braun(R) under license from The
Procter & Gamble Company, Honeywell(R) under license from
Honeywell, and Stinger(R), Softheat(R) and Kaz(R), owned by Kaz,
Inc. Product categories include vaporizers, humidifiers, digital,
infrared and non-invasive thermometers, blood pressure monitors,
hot/cold health care therapy, air purifiers, seasonal humidifiers,
heaters, fans, and dehumidifiers, and lawn and garden products.
During Centre Partners’ investment period, Kaz also completed
the acquisition of the Braun Health and Wellness business, which
included Braun thermometers and blood pressure monitors,
significantly expanding the Company’s global healthcare product
offerings. In order to help guide Kaz through this period of
rapid gl
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