Conair Corporation entered into an agreement earlier this month to be acquired by affiliates of private equity firm American Securities.
Financial terms of the deal were not disclosed.
In addition to its namesake brand, the Stamford, CT-based consumer goods company includes such brands as Cuisinart, Babyliss, Scunci and Waring in its portfolio. It was founded in 1959 by Leandro Rizzuto as a small hair appliance company, and certain members of the Rizzuto family will retain a minority ownership in Conair.
Ron Diamond, currently Conair president, will become Conair president and CEO upon completion of the deal.
"I am proud to continue the journey I started under Mr. Rizzuto more than 40 years ago that helped us grow our iconic brands into a world class, diversified global company proudly sharing our products in millions of consumers' homes," said Diamond in a statement. "The partnership with American Securities will allow us to continue our evolution with a focus on new product development and an acceleration of our M&A activities while continuing to bring efficiencies to our operations."
Conair currently sells its products in more than 120 countries across six continents.