Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of Helen of Troy (Nasdaq: HELE) are up by 17% after the company announced it was acquiring privately held competitor Kaz Inc. for $260 million in cash.

So what: Helen of Troy already provides a vast array of household and personal care products, but with this transaction it can now add the licensing rights to Vicks and Braun, products from Procter & Gamble (NYSE: PG), and the Honeywell brand name from none other than Honeywell (NYSE: HON). Kaz, which owns marketing rights like those and has its own line of products, is expected to add $400 million in sales to Helen of Troy's bottom line over the next 12 months, and the move will add to earnings in fiscal 2012. Helen of Troy expects to be able to finance this deal through cash and debt offerings.

Now what: Helen of Troy has a long history of successfully purchasing and integrating strong brand names into its portfolio. It has been on an acquisition spree over the past few years, which can quickly add to revenues but leaves me concerned about true organic growth. Don't get me wrong: Acquisition growth is growth, but with mid-single-digit growth expected in fiscal 2011 before this transaction, and the prospect of taking on more debt to finance the purchase, today's move doesn't exactly make me press the buy button. Helen of Troy should be given a chance to show it can create value from today's purchase, and I'd rather wait a little.

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