Deloitte Corporate Finance LLC Advises Salix Animal Health, LLC on its Sale to Spectrum Brands Holdings, Inc. (NYSE:SPB)

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Jan 30, 2015, 10:00 ET

CHARLOTTE, N.C., Jan. 30, 2015 /PRNewswire/ -- Deloitte Corporate Finance LLC ("DCF") acted as exclusive financial advisor to Salix Animal Health, LLC ("Salix" or the "Company") and its related manufacturing entities on their joint sale to Spectrum Brands Holdings, Inc. (NYSE: SPB, "Spectrum").

Founded in 1988 and headquartered in Deerfield Beach, Fla., Salix is the world's leading and largest vertically‑integrated producer and distributor of premium, natural rawhide dog chews, treats, and snacks with annual revenues of approximately $100 million. Salix offers a comprehensive line of chews made from beef hides, pork, chicken, beef, and other various proteins. Salix branded and private label products are sold to mass merchandisers, grocery stores, pet specialty stores and warehouse clubs. The Company's two flagship brands are Healthy‑Hide^®—which is marketed across the Good 'n' Fun, Good 'n' Fit, and Good 'n' Tasty family of brands — and Digest‑eeze™.

Conveying simultaneously with the sale of Salix are multiple Latin American manufacturing entities and a Netherlands-based distributor of Salix products. The Company's related Latin American factories are located in Mexico, Ecuador, Colombia, and Brazil. Salix's flexible supply chain gives Spectrum's pet business increased optionality for a low-cost global rawhide production network.

"Deloitte Corporate Finance's deep transaction and industry experience added value throughout the sale process. DCF's consumer sector knowledge was vital to our selection of Spectrum as our partner. Salix customers will benefit from Spectrum's world-class innovation, global sourcing capabilities, and marketing expertise. With synergistic manufacturing operations and a shared devotion to quality and safety, we see a bright future for the combined business," said Marc Kreamer, founder of Salix Animal Health, LLC.

"The Salix management team has worked tirelessly to build a company devoted to providing pet owners with safe, high-quality chews and treats for their canine companions. DCF's cross-border and consumer sector experience enabled us to identify an acquiror with a shared vision of growth and a focus on quality and safety. This deal marks DCF's second in the pet space in the past 60 days, further emphasizing the consumer trend towards increased spending on companion pets," said Lorin DeMordaunt, managing director and Consumer and Retail group lead, Deloitte Corporate Finance LLC.

About Salix Animal Health, LLC
For over 25 years, Salix has offered a full line of innovative products that combine choice ingredients with value-added functionality that enable pet owners to care for their canines. The Company offers both branded and private label proprietary products which are sold through a diverse set of prominent mass merchandisers, grocery stores, pet specialty stores and warehouse clubs across the United States. Its corporate headquarters is in Deerfield Beach, Florida. For more information, visit www.salix-llc.com.

About Spectrum Brands Holdings, Inc.
Spectrum Brands Holdings, a member of the Russell 2000 Index, is a global and diversified consumer products company and a leading supplier of consumer batteries, residential locksets, residential builders' hardware, faucets, shaving and grooming products, personal care products, small household appliances, specialty pet supplies, lawn and garden and home pest control products, and personal insect repellents. Helping to meet the needs of consumers worldwide, our Company offers a broad portfolio of market-leading, well-known and widely trusted brands including Rayovac^®, VARTA^®, Kwikset^®, Weiser^®, Baldwin^®, National Hardware^®, Pfister™, Remington^®, George Foreman^®, Black & Decker^®, Farberware^®, Tetra^®, Marineland^®, Nature's Miracle^®, Dingo^®, 8-in-1^®, FURminator^®, IAMS^®, Eukanuba^®, Littermaid^®, Spectracide^®, Cutter^®, Repel^®, Hot Shot^®, Black Flag^® and Liquid Fence^®. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in approximately 160 countries. Based in Middleton, Wisconsin, Spectrum Brands Holdings generated net sales of approximately $4.43 billion in fiscal 2014. For more information, visit www.spectrumbrands.com.

About Deloitte Corporate Finance LLC
Deloitte Corporate Finance LLC provides strategic advisory services and M&A advice that help corporate, entrepreneurial and private equity clients create and act upon opportunities for liquidity, growth and long-term advantage. With an in-depth understanding of the marketplace and access to a global network of investment bankers, we help clients confidently pursue strategic transactions in both domestic and global markets. DCF, together with the Corporate Finance Advisory practices within the Deloitte Touche Tohmatsu Limited network of member firms, include in excess of 1,900 professionals, who work collaboratively across 150 international locations. With our significant experience providing investment banking services across key industries, we are able to offer our clients solutions that help them to achieve their strategic objectives. For more information, visit www.investmentbanking.deloitte.com.

Prior engagement performance is no guarantee of future performance and may not be representative of the experience of other clients. This communication is for informational purposes only and is not intended as an offer or solicitation for the purchase or sale of a security.

Deloitte Corporate Finance LLC, an SEC registered broker-dealer and member of FINRA and SIPC, is an indirect wholly-owned subsidiary of Deloitte Financial Advisory Services LLP and affiliate of Deloitte Transactions and Business Analytics LLP. Investment banking products and services within the United States are offered exclusively through Deloitte Corporate Finance LLC. For more information, visit www.investmentbanking.deloitte.com. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.

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