Pure Fishing Sold!

PURE FISHING SOLD TO BELK, HOT TOPIC OWNERS FOR $1.3 BILLION


NOVEMBER 7, 2018| INDUSTRY NEWS

HOBOKEN, N.J.—Newell Brands (NYSE:NWL) made substantial progress on its Accelerated Transformation Plan, designed to create a simpler, faster, stronger consumer-focused portfolio of leading brands and today announced that it has signed definitive agreements to sell two businesses, Pure Fishing and Jostens. Combined, these transactions are expected to contribute approximately $2.5 billion of after-tax proceeds, subject to customary working capital and other transaction adjustments, which will be deployed toward deleveraging and share repurchase.

The company has signed a definitive agreement to sell Pure Fishing to Sycamore Partners, a leading private equity firm specializing in consumer, distribution and retail-related investments. Pure Fishing is a leading global provider of fishing tackle, lures, rods and reels with a portfolio of brands that includes Abu Garcia®, All Star®, Berkley®, Chub®, Fenwick®, Greys®, Hardy®, Hodgman®, Johnson™, JRC®, Mitchell®, Penn®, Pflueger®, Sebile®, Shakespeare®, SpiderWire®, Stren®, and Ugly Stik®.

Gross proceeds from the Pure Fishing divestiture are anticipated to be $1.3 billion, subject to customary working capital and transaction adjustments. In 2017 net sales for Pure Fishing were approximately $556 million.

Newell Brands also signed a definitive agreement to sell Jostens to Platinum Equity, a leading private investment firm. Jostens, based in Minneapolis, is a trusted partner in the academic and achievement channel, providing products, programs and services that help its customers celebrate moments that matter. The company’s products comprise yearbooks, publications, jewelry and consumer goods that serve the K-12 educational, college and professional sports segments.

Gross proceeds from the Jostens transaction are expected to be approximately $1.3 billion, subject to customary working capital and transaction adjustments. Jostens’ 2017 net sales were $768 million.

“We are pleased to announce another step forward in our Accelerated Transformation Plan, with the signing of the Pure Fishing and Jostens transactions,” said Michael Polk, Newell Brands President and Chief Executive Officer. “We have full confidence that these businesses will continue to thrive under new ownership, as they leverage their strong positions in the market place.”


Charlie......

 

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