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AXA Private Equity and Triton sell German Tetra Holding for €415m

European private equity firms AXA Private Equity and Triton together with the Tetra management team have agreed to sell Germany-based Tetra Holding to US consumer products company Rayovac Corp. for approximately €415m. The transaction is expected to close before 30 June 2005.

Tetra manufactures, distributes and markets food, equipment and care products for fish and reptiles. The company operates in 90 countries worldwide and generates €200m in annual net sales.

Triton bought Tetra from New York-based Pfizer for $239m in 2002 and later sold a 22 per cent stake to AXA Private Equity.

David A Jones, Rayovac's chairman and chief executive officer, said, 'The acquisition of Tetra is a significant step forward in our strategy of becoming a more significant global player in the pet supplies industry.'

Triton invests mainly in Northern Europe from its Frankfurt, Stockholm and London locations.

AXA Private Equity manages and/or advises private equity funds with assets in excess of €7bn.

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