Avista Capital Partners has agreed to sell Armored AutoGroup to Spectrum Brands (NYSE: SPB) for $1.4 billion in cash and assumed debt. Backed by Avista since 2010, Armored AutoGroup is a consumer products company primarily producing automotive aftermarket appearance and performance chemicals/additives products. The transaction, which is expected to close before 3Q, is expected to be funded through a combination of new debt and approximately $500 million of Spectrum Brands common stock, including equity to be purchased by HRG Group. In 2015, the company is expected to generate net sales and adjusted EBITDA in excess of $440 million and $140 million, respectively. Credit Suisse, Deutsche Bank and Jefferies have committed debt financing for the deal.