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Byline: Kelly Holman
In a bid to diversify and match the product lines of its competitors, Rayovac Corp. has agreed to acquire shaver maker Remington Products Co. LLC in a deal worth $322 million including debt.
The sale will allow New York buyout firm Vestar Capital Partners to cash out of the company, which it acquired control of seven years ago. Vestar paid $33.4 million in 1996 to acquire 48.4% of the preferred stock and 50% of the common shares, and has management control. It will take out slightly more than twice that.
The family of former Remington head Victor Kiam owns 51.6% of the preferred and 50% of the common stock.