Newell Brands has made another move in its efforts to create a stronger and more consumer-focused portfolio, announcing the sale of The United States Playing Card Co.
On Tuesday, the Hoboken-based consumer goods company announced it has signed a definitive agreement to sell USPC – home to brands including Bicycle, Bee, Aviator, Hoyle and Fournier – to board game and playing card manufacturer and distributor Cartamundi Group.
USPC, based in Erlanger, Ky., recorded net sales of approximately $112 million in 2018, Newell said.
Citi served as financial advisor to Newell in the transaction. The deal is expected to close in the second half of 2019, customary to closing conditions, including regulatory approvals.
Newell announced its pursuit of an accelerated transformation plan in May 2018 to amp up value and transform its portfolio to better leverage the company capabilities in e-commerce, design and innovation.