Rayovac to Acquire Tetra Holding GmbH

Rayovac Corp., a global consumer products company with a diverse portfolio of world-class brands, announced March 15 that it has entered into a definitive agreement to acquire Tetra Holding GmbH for a purchase price of approximately euro 415 million.

Headquartered in Melle, Germany, Tetra manufactures, distributes and markets a comprehensive line of foods, equipment and care products for fish and reptiles, along with accessories for home aquariums and ponds. This acquisition extends Rayovac's leading position in the rapidly growing North American specialty pet supplies category to a global presence. Tetra currently operates in over 90 countries worldwide and holds leading market positions in Germany, the United States, Japan and the U.K. Tetra has approximately 700 employees and generates approximately euro 200 million in annual net sales.

Principal selling shareholders are Triton, an international private equity firm, as well as AXA Private Equity and Tetra management. Closing of the transaction is subject to customary conditions and is currently expected to occur prior to June 30, 2005. Rayovac currently expects the acquisition to be slightly accretive before synergies in the first year.

"The acquisition of Tetra is a significant step forward in our strategy of becoming a more significant global player in the pet supplies industry," said David A. Jones, Rayovac's chairman and chief executive officer. "Tetra's superior brand equity and demonstrated record of product innovation make it a premiere property in this industry. The combination of Tetra with our United Pet Group business means Rayovac becomes the world's largest manufacturer of pet supplies, a position with which we can leverage our company's worldwide operations, supply chain and information systems infrastructure to better meet the needs of our global retailer customers."