Newell Brands, the Hoboken-based consumer goods company, continued its “Accelerated Transformation Plan” to create a leaner portfolio, agreeing to sell its Rexair business to investment funds affiliated with Rhone Capital, it announced Tuesday.
Rexair is the developer and manufacturer of the Rainbow line of products focused on improving indoor environments. It had net sales of about $123 million in 2018, Newell said. The deal is expected to close by the end of the second quarter, pending customary approvals and conditions.
Rhone is a global private equity firm specializing in mergers & acquisitions, buyouts and more.
BMO Capital Markets served as Newell’s financial adviser. Financial terms of the deal were not disclosed.