Berkshire Partners LLC announced the completed sale of The Holmes Group to Jarden Corporation for approximately U.S. $420 million in cash and 6.2 million shares of Jarden common stock.
"This transaction is a great outcome for Holmes as well as a great outcome for Berkshire Partners,” stated Richard K. Lubin, managing director of Berkshire Partners, the Boston, MA, U.S.-based private equity firm. “We have had a long and productive partnership with Jerry Kahn and his team. Holmes’ continual development of new and innovative products in a cost-efficient manner has been critical to the Company’s success and has resulted in the significant value we’ve realized today.”
Holmes CEO Jerry Kahn added: "We have been building The Holmes Group for nearly 25 years, and believe that Holmes’ extensive product line and sales network will contribute greatly to Jarden’s continued success. By combining Jarden’s consumer solutions business with Holmes, we will create substantial new growth opportunities for Holmes, including new international cross-selling opportunities, particularly in Europe.”
Founded in 1982 by CEO Jerry Kahn, Holmes supplies consumer products for the home environment and kitchen markets. In November 1997, Berkshire and management recapitalized Holmes in a transaction designed to support further growth. In February 1999, in conjunction with an equity infusion by Berkshire and management, Holmes acquired The Rival Company, which the company said enabled it to broaden its home comfort brands and participate in the small kitchen appliance market.
Today Holmes, based in Milford, MA, U.S., is a manufacturer and distributor of small kitchen and home environment electrics, including Crock-Pot(R) slow-cookers, Rival(R) roasters and deep fryers, Bionaire(R) air purifiers and seasonal humidifiers, and Seal-a-Meal(R) vacuum food sealers.
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