Founded in 1906, Rayovac had become, over the course of the
twentieth century, one of the best-known battery producers in the
U.S. However in 1996, with its market share steadily eroding due to
fierce competition from Duracell, Energizer, and Panasonic, it was
purchased by the private equity firm Thomas H. Lee and Partners
(THL). Over the next decade the firm embarked upon an ambitious
acquisitions program which saw it grow from a $400 million annual
revenue business in 1996 to...