Former executives of HandStands PROMO (asi/59525) have teamed up to buy the business back from Energizer Holdings Inc. Doing business as HandStands Products Holdings LLC, executives Jason Fogg, Rodd Steuart and Chris Anderson announced the acquisition on Monday. Financial terms of the deal were not disclosed.
Energizer, the battery maker, purchased American Covers dba HandStands in 2016, Fogg told Counselor. Salt Lake City, UT-based HandStands PROMO, a wholly-owned subsidiary, was included in the transaction. Energizer incorporated American Covers dba HandStands’ retail offerings – which include automotive cleaning and vehicle freshening products – into its business as part of a renewed push into consumer products, Fogg said. But, he added, the advertising specialty business was a bit of an awkward fit for Energizer. “It was not core to what they do,” said Fogg. “As they were trying to figure out what to do, we organized and partnered together to buy the promotional product business.”
For Fogg, Steuart and Anderson, there was passion behind the purchase, with each having devoted years in leadership positions to HandStands PROMO. “We love being part of HandStands. We didn’t want to see it go away. There was too much blood, sweat and tears to let it go,” Fogg said to Counselor.
Fogg joined HandStands in 2013. He said the business has experienced sales growth of about 25% over the last three-and-a-half years. “The business is strong and growing,” said Fogg, who will continue as general manager of HandStands PROMO. “We’re excited to keep growing and building strong customer relationships, and we’re excited that we’ll be preserving jobs.” He said HandStands PROMO employs 55 people.
Anderson served as CEO of the legacy HandStands’ business prior to the 2016 Energizer transaction. He will now serve as executive chairman of the board. “This is truly a homecoming,” Anderson said in a statement. “I was privileged to play a part in the company’s phenomenal growth story for nearly 15 years. I am thrilled for the opportunity to, once again, work with some of the most talented individuals in the industry to delight our end users and consumers.”
Steuart previously was chief operating officer and chief financial officer at HandStands prior to the 2016 sale. He’s now CEO. “I have spent the last 9 years working with this dedicated and capable team, and am now honored to join it, once again, as we chart our future course of growth and opportunity,” Steuart said.
HandStands PROMO offers a variety of product categories, from electronics, cases, cleaners and coasters, to air fresheners, mousepads, phone mounts, gadget grips, stress balls and even virtual reality viewers.