Newell Brands selling off two businesses for 2.5B

Consumer goods manufacturer Newell Brands signed definitive agreements to sell two businesses, Pure Fishing and Jostens, it announced Wednesday.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.