Newell, Quest finish up unit sales, while SB One wraps up Enterprise deal

By ROI-NJ Staff
New Jersey | Dec 26, 2018 at 10:03 am

A number of New Jersey-based companies — Newell Brands, Quest Diagnostics and SB One Bancorp — wrapped up previously announced transactions ahead of the new year, they announced this month.

Hoboken-based consumer goods company Newell Brands Inc. completed the divestitures of two business units, Pure Fishing and Jostens, last week, it announced. Pure Fishing, a provider of tackle, rods and reels and other equipment, was sold to Sycamore Partners. Jostens, a yearbook and educational goods brand, was sold to Platinum Equity.

Newell said the deals resulted in combined gross proceeds of about $2.6 billion, with after-tax proceeds expected to be used for debt paydown and share repurchase.

Quest Diagnostics, a lab services provider based in Secaucus, sold its Indiamedical diagnostic services unit to Strand Life Sciences, based in Bangalore, India. Terms were not disclosed.

Alvarez & Marsal Corporate Finance & Restructuring, based in India, was Quest’s exclusive financial adviser.

Finally, SB One Bank, the former Sussex Bank, has completed its merger with Kenilworth-based Enterprise Bank N.J., making the latter part of the Rockaway-based financial organization.

The all-stock deal gives SB One four new branches and expands its presence into Union, Essex and Middlesex counties. Enterprise Bank CEO and President Don Haake will become senior executive vice president of regional banking for SB One Bank.

Keefe, Bruyette & Woods Inc. was SB One Bancorp’s financial adviser, while Hogan Lovells US LLP was its legal counsel. FinPro Capital Advisors Inc. was Enterprise Bank’s financial adviser, while Windels Marx Lane & Mittendorf LLP was legal counsel.

ROI-NJ Staff | editorial@roi-nj.com | @ROINJNews