Newell Sells Pure Fishing for $1.3 Billion
Private equity group Sycamore Partners will take over the ownership of the parent of Abu Garcia and numerous fishing tackle brands. The business had sales of about $556 million in 2017 and even at the high end of multiples these days, it would have to be generating over $100 million in EBITDA consistently. Newell also said it sold the Jostens business, which had sales of $768 million, to Platinum Equity for another $1.3 billion. It will use the proceeds to pay down debt as part of the restructuring plan and portfolio shuffling plan it implemented after taking over Jarden.
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