STP................. Sold

[DEEPNHOCK]

http://tinyurl.com/STP-SOLD

(copy)

Clorox Announces Sale of Auto Care Business
OAKLAND, Calif. -- The Clorox Co. officially announced yesterday that it has entered into a definitive agreement to sell its global auto care businesses to an affiliate of Avista Capital Partners in an all-cash transaction.

The business is being sold for gross proceeds of approximately $780 million subject to closing adjustments related to working capital. The transaction, which is subject to regulatory and other customary approvals and closing conditions, is expected to close by the end of this calendar year.

Included in the transaction are substantially all of Clorox's global auto care businesses, the majority of which are in the U.S., Australia, Canada and Europe, including worldwide rights to distribute the Armor All and STP brands. As part of the transaction, the buyer will acquire two auto care manufacturing facilities, one in the U.S. and one in the U.K. Employees at these facilities, the auto business management team and other employees affiliated with the global auto care business will transfer to the buyer. Clorox has agreed to provide transition services to the buyer for a period of up to 18 months.

Clorox plans to use net proceeds from the sale to repurchase shares of Clorox common stock over the remainder of its current fiscal year.

"We believe this transaction is in the best interest of shareholders as we seek to reshape our portfolio," said Clorox Chairman and CEO Don Knauss. "As we have acknowledged in the past, our auto care business does not align as strongly with our strategy to focus on key consumer megatrends such as health and wellness and sustainability. The auto care brands hold leading market share positions, and we're pleased to have identified a new growth-oriented owner who will continue to work with the talented auto care team to build on this strong foundation."

In its last fiscal year, which ended June 30, the auto care businesses had global sales of about $300 million and generated earnings before interest and taxes of about $90 million. These results include a full allocation of corporate overhead to the auto care businesses.

(Jeff...Note

http://www.avistacap.com/

(companies owned)
CompanyIndustryLocationACP II MarcellusEnergyHouston, TexasBasic Energy Services, Inc. (NYSE/BAS)EnergyMidland, TexasBioReliance CorporationHealthRockville, MDCeltiqueEnergyLondon, EnglandConvaTecHealthSkillman, N.J.Enduring ResourcesEnergyDenver, ColoradoGeoKineticsEnergyHouston, TXHansa HydrocarbonsEnergyLondon, EnglandInvestorPlace MediaMediaRockville, MDIWCO DirectMediaChanhassen, MNLantheus Medical ImagingHealthN. Billerica, MALaramie Energy IIEnergyDenver, COLaredo Energy IVEnergyHouston, TXManti ExplorationEnergyCorpus Christi, TXNavilyst MedicalHealthMarlborough, MANycomedHealthRoskilde, DenmarkOptiNoseHealthOslo, NorwayPeregrine Oil & Gas IIEnergyHouston, TXRoyal OffshoreEnergyCorpus Christi, TXSpartan Offshore DrillingEnergyNew Orleans, LAThompson PublishingMediaWashington, D.C.VWR InternationalHealthWest Chester, PAWideOpenWestMediaDenver, CO

[Gunslinger]

Another day...another owner!

Long gone are the days of STP and Andy Granatelli promoting it. I still remember Andy dipping screwdrivers into a container of STP and a can of motor oil. He was able to keep the screwdriver in motor oil between his fingers and the screwdriver dipped in STP kept slipping out. THAT was effective advertising. Andy was and is one of a kind.

[garyash]

I was told that STP still has the title to the red #22 Studebaker Indy car at the Indianapolis Speedway Museum. I wonder if Avista knew they were buying that, too. If not or if they don't care, they can just send the title to me and save me a lot of work.

[jlmccuan]

I believe they sold the distribution rights, not the company that produces it or owns the patents, or am I reading that wrong?

[rockne10]

Sounds like they bought the manufacturing facilities and all the employees; I'd say they got it all.

[PlainBrownR2]

I think it might have been the distribution rights, and the entire company along with the other autocare business to the holding company Avista. I think the situation is similar to Berkshire Hathaway and EMD. Berkshire Hathaway doesn't make the EMD engines, they just own EMD who makes the EMD engines.

(I just learned EMD went to Progress Rail who is owned by Caterpillar, lol)

[DEEPNHOCK]

You are correct. The investment capital firm bought it all.
They will probably groom it for sale at a later date, or milk it for all it is worth, and then spin it off, or take it public.
I listed the other comanies this group holds, as it seems they are not automotive oriented.
Jeff

I think it might have been the distribution rights, and the entire company along with the other autocare business to the holding company Avista. <snip>