Helen of Troy Limited (NASDAQ: HELE), designer, developer and worldwide marketer of consumer brand-name housewares, health and home, nutritional supplement and beauty products, agreed to acquire Bend, Ore.-based Hydro Flask and all membership units of Steel Technology, LLC, for $210 million in cash.

The purchase price is subject to customary closing adjustments, and implies a pre-synergy multiple of less than 12 times projected calendar year 2016 adjusted EBITDA. Hydro Flask is expected to be immediately accretive to Helen of Troy’s sales growth rate, gross margin, cash flow, adjusted EBITDA margin and diluted earnings per share. The company expects 2016 net sales revenue of approximately $65 – $70 million.

Hydro Flask was founded in 2009 by Travis Rosbach and his partner at the time, Cindy Morse. In 2012 Rosbach sold the company to a group of investors led by Jim Collis, a founding partner of New York-based lower middle-market private equity firm Seaport Capital. After the 2012 acquisition, Scott Alan was appointed as the company’s new CEO.

Hydro Flask is a leading designer, distributor and marketer of high performance insulated hydration vessels for active lifestyles. Hydro Flask adds a fast growing brand that has built equity among outdoor and active lifestyle enthusiasts with a product lineup, innovation pipeline and margin profile that complements Helen of Troy’s Housewares segment and extends its reach into the Outdoor and Athletic Specialty, Natural Foods and e-commerce channels.

“We are delighted to announce the acquisition of Hydro Flask, adding a well-respected and fast growing outdoor brand to our thriving Housewares business,” said Helen of Troy CEO Julien Mininberg. “In less than five years, Hydro Flask has become a strong #2 in hydration bottles in the outdoor & fitness channels.”

“Outdoor enthusiasts love Hydro Flask’s stainless steel hydration products, as well as its genuine brand heritage rooted in the outdoor mecca of Bend, Oregon. Hydro Flask’s team will remain in Bend, where its employees live every day with the same love and respect for the outdoors they share with their rapidly growing consumer base,” Mininberg added.

This is the company’s third acquisition in less than two years, marking Helen of Troy’s first new brand in its Housewares segment since acquiring OXO for $273.2 million in 2004.

Steel Technology LLC, trading as Hydro Flask and headquartered in Bend, Ore., manufactures double wall vacuum insulated stainless steel water bottles. It offers stainless steel vacuum insulated food flasks; narrow, wide, and standard mouth stainless steel water bottles; and hydro flasks. The company also provides hydro flask tote bags, lids, ice stick trays, narrow and standard mouth loop cap and sports caps, replacement filters, straw packs, and wide mouth flat caps. It offers its products online and through stores.

Helen of Troy Limited is a leading global consumer products company offering creative solutions for its customers through a strong portfolio of well-recognized and widely-trusted brands, including: Housewares: OXO, Good Grips, Soft Works, OXO tot and OXO Steel; Health & Home: Vicks, Braun, Honeywell, PUR, Febreze, Stinger, Duracraft and SoftHeat; and Beauty: Revlon, Vidal Sassoon, Dr. Scholl’s, Pro Beauty Tools, Sure, Pert, Infusium23, Brut, Ammens, Hot Tools, Bed Head, Karina, Ogilvie and Gold ‘N Hot. The Nutritional Supplements segment was formed with the acquisition of Healthy Directions, a U.S. market leader in premium doctor-branded vitamins, minerals and supplements, as well as other health products sold directly to consumers. The company, which started as a wig store in El Paso, Tex. in 1968, is headquartered in Hamilton, Bermuda as a result of a tax inversion in 1993. Helen of Troy has a market capitalization of $2.77 billion.

The Honeywell trademark is used under license from Honeywell International Inc. The Vicks, Braun, Febreze and Vidal Sassoon trademarks are used under license from The Procter & Gamble Company. The Revlon trademark is used under license from Revlon Consumer Products Corporation. The Bed Head trademark is used under license from Unilever PLC. The Dr. Scholl’s trademark is used under license from MSD Consumer Care, Inc.

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