Newell Brands plans to sell off two of its businesses, Pure Fishing and Jostens, it announced Wednesday.
The transactions are expected to bring the Hoboken-based consumer goods manufacturer approximately $2.5 billion in revenue.
“We are pleased to announce another step forward in our Accelerated Transformation Plan, with the signing of the Pure Fishing and Jostens transactions,” Michael Polk, Newell Brands CEO and president, said. “We have full confidence that these businesses will continue to thrive under new ownership, as they leverage their strong positions in the market place.”
In a definitive agreement, Newell is selling Pure Fishing, a provider of fishing tackle, lures, rods and reels, to Sycamore Partners, a private equity firm based in New York, New York. Proceeds from the divestiture are expected to be $1.3 billion.
The other business, Jostens, will be sold to Platinum Equity, a private investment firm based in Beverly Hills, California. Jostens is based in Minneapolis and provides products and services for the K-12 educational, college and professional sports industries. Proceeds are expected to be around $1.3 billion, as well, from this divestiture.
Both deals are expected to close in the fourth quarter.
J.P Morgan Securities LLC served as the financial advisor to Newell Brands on the Pure Fishing deal. Jeffries LLC served as the financial advisor on the Jostens deal.
