We are advising Spectrum Brands on the transaction

Davis Polk is advising Spectrum Brands Holdings, Inc. in connection with a $127 million strategic investment from funds affiliated with Oaktree Capital Management L.P. in its Home and Personal Care (HPC) business. Following the closing of the transaction, Oaktree will hold an approximately 27% equity stake in the HPC business, with the remainder held by a wholly owned subsidiary of Spectrum Brands. The transaction is expected to close in May 2026, subject to customary closing conditions and regulatory approvals.

Spectrum Brands is a home essentials company trusted by millions of consumers all over the world. Its brands improve the way people live life at home, from making their meals, looking their best and caring for their pets to cleaning their homes and freeing their space from unwanted weeds and pests. Oaktree is a leader among global investment managers specializing in alternative investments, with $223 billion in assets under management as of December 31, 2025. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, equity and real estate. Oaktree has more than 1,500 employees and offices in 26 cities worldwide.

The Davis Polk corporate team includes partner Harold Birnbaum, counsel F. Adam Abulawi and associate Adam Pukier. Partner Robert F. Smith and Scott M. Herrig, counsel Esam (Esamadeen) Ibrahim and associate Nick Swan are providing finance advice. Partner David H. Schnabel is providing tax advice. Partners John B. Meade and Hillary A. Coleman are providing capital markets advice. Partner Amanda Hines Gold is providing executive compensation advice. Partner Pritesh P. Shah is providing intellectual property advice. All members of the Davis Polk team are based in the New York office.

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