Italian home appliance maker De’ Longhi Nov. 23 agreed to buy U.S. home appliances maker Capital Brands Holdings Inc from private equity firm Center Lane Partners for around $420 million, as it was informed by mass media.
California-based domestic appliances group Capital Brands, which is known for its Nutribullet and Magic Bullet blenders, forecasts net revenue of around $290 million in 2020.
The closing of the deal, which values Capital Brands at just above eight times forecast core earnings for 2020, is expected before yearend.
De’ Longhi Group was advised by BofA Securities, White & Case and Ernst & Young, while Centre Lane Partners was advised by Goldman Sachs and PJ Solomon.