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