Armored AutoGroup Announces Acquisition Of Kent Chamois Company Limited
DANBURY, Conn., Aug. 30, 2013 /PRNewswire/ -- Armored AutoGroup Inc. today announced it has acquired, through its Armored Auto UK Limited subsidiary, the Kent Chamois Company Limited, which markets and sells a wide range of car care accessories under the Kent Car Care brand in the UK and Europe. The Kent Chamois Company is based near Tunbridge Wells, UK and has annual sales in excess of $5 million. The purchase price of approximately $3.8 million was funded from Armored AutoGroup's operating funds. Armored AutoGroup expects the transaction to be leverage accretive based on Kent's historical operating results.
Dave Lundstedt, CEO of Armored AutoGroup, said, "The acquisition of Kent is consistent with our desire to grow our international business and is highly complementary to our existing European product line." Ian Doherty, Managing Director EMEA for Armored AutoGroup, said, "The Kent Car Care brand is the market leader in car care accessories in the UK and has very little overlap with our existing ranges. We are looking forward to being able to offer all our customers in the UK, Europe and the Middle East a much more comprehensive range of products. I have developed a high level of respect for Jerry Salaman, Managing Director and Founder of Kent, as we worked together on this transaction and I am delighted that Jerry has agreed to stay on and work with us to ensure that the integration of the ranges is a success for us and our customers."
Jerry Salaman, Managing Director of Kent Chamois Company, said, "I am very excited about this change, it is a strong fit for the Kent brand and a real opportunity to grow the brand in the UK and across Europe. Armored AutoGroup is a strong cultural fit with the team at Kent and we are all looking forward to growing together."
About Armored AutoGroup Inc.
Armored AutoGroup Inc., headquartered in Danbury, CT, is primarily comprised of the Armor All® and STP® brands. The current product line of Armor All protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners and washes is designed to clean, shine, refresh and protect interior and exterior automobile surfaces. The offering of STP oil and fuel additives, functional fluids and automotive appearance products has a broad customer base ranging from professional racers to car enthusiasts and ''Do-it-Yourselfers''. The Company has a diversified geographic footprint with direct operations in the United States, Canada, Australia, Mexico and the U.K. and distributor relationships in approximately 50 countries. For more information, please visit www.armorall.com and www.stp.com.
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SOURCE Armored AutoGroup Inc.