Consumer goods manufacturer Newell Brands signed definitive agreements to sell two businesses, Pure Fishing and Jostens, it announced Wednesday.
These transactions are expected to bring the Hoboken-based Newell $2.5 billion after taxes, subject to customary working capital and other transaction adjustments.
Newell signed a definitive agreement to sell fishing equipment company Pure Fishing to New York-based private equity firm Sycamore Partners. Pure Fishing’s 2017 net sales were approximately $556 million, according to Newell. Gross proceeds from the sale will be approximately $1.3 billion, the company said.
Jostens is being sold to Beverly Hills, Calif.-based private investment firm Platinum Equity. Jostens provides products, programs and services that celebrate achievements in education and sports, including yearbooks, publications, jewelry and consumer goods. Jostens brought in $768 million in 2017, and proceeds from the transaction are expected to be around $1.3 billion.
Both transactions are expected to close in the fourth quarter, subject to customary closing conditions, including regulatory approval.
Newell did not return a request for comment by press time.