Energizer Holdings, Inc.
Acquisitions
4
Major Deals Covered
$3.6B
Disclosed Deal Value
Energizer's largest disclosed acquisition here is Spectrum Brands Global Battery and Lighting Business for $2B in 2019. This page covers 4 major deals from 2016 to 2025, each with its price where disclosed and the reason behind it.
| Company | Year | Price | Purpose |
|---|---|---|---|
| Spectrum Brands Global Battery and Lighting Business | 2019 | $2.0B | Added Rayovac and Varta battery brands, more manufacturing and broader international distribution. |
| Spectrum Brands Global Auto Care Business | 2019 | $1.3B | Added Armor All, STP and A/C Pro and created the Auto Care segment. Paid with about $938.7 million in cash plus Energizer shares. |
| Advanced Power Solutions (VARTA AG consumer batteries) | 2025 | Undisclosed | Bought VARTA AG's European consumer battery business to expand manufacturing and brands in Europe. |
| HandStands Holding Corporation | 2016 | $340.0M | Added car fragrance and appearance products, Energizer's first major step into auto care. |
2025
Bought VARTA AG's European consumer battery business to expand manufacturing and brands in Europe.
Completed May 2, 2025; a licensed brand acquired with the deal expired on December 31, 2025, and sales moved to Energizer's own brands.
2019
$2.0B
Added Rayovac and Varta battery brands, more manufacturing and broader international distribution.
Closed in January 2019 after regulators required the sale of the Varta consumer battery business in Europe.
2019
$1.3B
Added Armor All, STP and A/C Pro and created the Auto Care segment. Paid with about $938.7 million in cash plus Energizer shares.
Auto Care is now Energizer's second reporting segment.
2016
$340M
Added car fragrance and appearance products, Energizer's first major step into auto care.
Energizer's plan rests on four levers: new distribution and product launches in batteries (Q3 FY2026 battery volume rose 1.9%), growth in auto-care refrigerant and appearance products, cost programs such as Project Momentum and supply-chain optimization, and selective acquisitions such as the 2025 purchase of VARTA AG's European consumer battery business. Free cash flow is directed to dividends, debt reduction and share repurchases.
Energizer makes money by manufacturing and sourcing consumer batteries, lighting products and car-care chemicals and selling them wholesale to retailers such as mass merchants, club stores, grocery, drug, hardware and auto-parts chains, plus e-commerce. Batteries & Lights is the larger segment and covers alkaline, lithium, rechargeable, coin, hearing-aid and specialty cells under Energizer, Eveready, Rayovac and Varta. Auto Care sells appearance, fragrance, performance and DIY air-conditioning recharge products under Armor All, STP, A/C Pro and other brands, with demand peaking in spring and summer. Profit depends on brand pricing power, retail shelf placement, promotional spending and manufacturing cost. Since FY2025 the company has also recorded U.S. Section 45X advanced manufacturing production credits for batteries made in its U.S. plants.
In January 2019, Energizer acquired Spectrum Brands' global battery and portable lighting business (including Rayovac and VARTA consumer batteries) for $2.0 billion in cash, expanding its manufacturing footprint, global retail distribution, and hearing aid battery leadership.
In January 2019, Energizer acquired Spectrum Brands' Auto Care business for $1.25 billion, adding market-leading consumer automotive brands Armor All (appearance protectants), STP (oil and fuel additives), and A/C Pro (DIY air conditioning recharge kits).
Regulators required Energizer to sell Spectrum's Varta consumer battery business in Europe before the January 2019 closing. In 2025 Energizer bought VARTA AG's European consumer battery business, Advanced Power Solutions.
In 2016, Energizer acquired HandStands (a leading designer of automotive air fresheners and accessories including Refresh Your Car! and Driven) for $340 million, establishing its foundational entry into the automotive aftermarket care sector.
Energizer owns Energizer, Eveready, Rayovac and Varta (in licensed regions) in batteries, and Armor All, STP, A/C Pro and Refresh Your Car! in auto care.
On May 2, 2025 Energizer completed the purchase of Advanced Power Solutions, VARTA AG's consumer battery business in Europe, adding manufacturing and brands in the region.
Energizer favors bolt-on deals such as the 2025 APS purchase while using most free cash flow for dividends, debt reduction and share repurchases.
Yes. In 2019, Energizer executed a massive $2 billion acquisition of Spectrum Brands' battery division (which included Rayovac and Varta) and their global Auto Care division (including Armor All and STP). This massively expanded Energizer's dominance in retail stores globally.
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