Newell to Sell Pure Fishing, Josten Businesses for About $2.6 Billion

Newell Brands Inc. has signed deals to sell its Pure Fishing and Jostens businesses to private-equity firms for about $2.6 billion, as the struggling consumer-goods company looks to trim its portfolio and generate cash for its turnaround efforts.

Newell reached a deal to sell Pure Fishing to private-equity firm Sycamore Partners, the company said Wednesday. Newell expects about $1.3 billion in proceeds from the sale of Pure Fishing, which had net sales of about $556 million in 2017.

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  • Publisher: WSJ
  • Date: 2018-11-07T15:05:00.000Z
  • Author: Aisha Al Muslim
  • Twitter: @WSJ
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Newell Brands shares jump 3.5% on news to sell businesses for $2.5 billion in proceeds

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  • Publisher: MarketWatch
  • Author: Ciara Linnane
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Newell Brands to sell Pure Fishing to Sycamore Partners and Jostens to Platinum Equity

Newell Brands has agreed to sell Pure Fishing to Sycamore Partners and Jostens to Platinum Equity for about $2.5 billion. Both transactions are expected to close in the fourth quarter, J.P. Morgan Securities LLC acted as financial adviser to Newell Brands on the Pure Fishing deal while Jefferies LLC did likewise on the Jostens deal. Pure Fishing is a provider of fishing tackle, lures, rods and reels. And, Jostens is a provider of school memorabilia such as class rings and yearbooks.

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HOBOKEN, N.J.'(BUSINESS WIRE)’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.

Newell Brands’ Big Surprise

One of Friday’s biggest surprises was from Newell Brands (NWL) , a company that just can’t seem to catch many breaks these days. Shares rose nearly 15% after the company released third quarter earnings before the market opened. The company reported better than expected “adjusted” earnings per share of 81 cents, which exceeded consensus estimates of 65 cents. Revenue of $2.28 billion narrowly missed the consensus forecast by $60 million.

Driving Friday’s uptick was improved full year earnings guidance for 2018, as the company upped expected earnings from $2.45-$2.65 to $2.55-$2.75, better than the $2.47 consensus.

  • Publisher: RealMoney
  • Date: 2018-11-05T14:07:26.000-0500
  • Author: Jonathan Heller
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Newell Finds Private-Equity Buyers for Pure Fishing and Jostens

Newell Brands (NWL) to Sell Pure Fishing to Sycamore Partners and Jostens to Platinum Equity for $2.5B in Proceeds

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’.

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.

  • Publisher: StreetInsider.com
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