Jarden Corporation completed its acquisition of Jostens Inc., a Minneapolis-based supplier of yearbooks, publications, jewelry and other products and programs that serve the K-12 educational, college and professional sports segments. The company was founded in 1897 and has over 3,500 employees.
“We welcome all the employees of Jostens to the Jarden family as part of our Outdoor Solutions segment. Jostens is a meaningful addition to our portfolio, strengthening Jarden's overall financial position,” said Jarden Corp. CEO. “We are well positioned to execute a smooth integration for Jostens and begin implementing initiatives to accelerate Jostens' long term growth. Jostens is expected to enhance our margin and cash flow profile while providing accretion to our 2016 earnings.”
As part of the acquisition financing, on Oct. 30th Jarden closed on a $200 million add-on to its term loan A facility, which matures in December 2019. Jarden funded the acquisition with the proceeds from the aforementioned term loan A as well as from its recently completed common stock offering, senior notes offering and cash on hand.
“We are pleased to have closed on our acquisition of Jostens on a timely basis with the support of the debt and equity markets. Jostens brings end-consumer channel diversification and cross selling opportunities,” said Martin E. Franklin, Jarden's Founder and Executive Chairman. “Jostens offers a solid platform for us to leverage our proven, time-tested approach to driving organic growth and creating additional value through continued investments in product development and innovation.”
Barclays Bank PLC acted as Administrative Agent on the $200 million senior secured term loan A facility. Barclays Bank PLC, Credit Suisse Securities (USA) LLC, and UBS Securities LLC were Joint Lead Arrangers and Bookrunners on the senior secured term loan facility. Additionally, Barclays Capital Inc., Credit Suisse Securities (USA) LLC, and UBS Securities LLC acted as lead book-running managers for the recent common stock offering. Barclays and Morgan Stanley & Co. LLC acted as financial advisors and Kane Kessler, P.C. acted as legal counsel to Jarden on the acquisition.
Jarden Corp.s’ Outdoor Solutions segment owns 25 brands, including Abu Garcia, AeroBed, Berkley, Campingaz and Coleman, Dalbello, ExOfficio, Fenwick, Greys, Gulp!, Hardy, Invicta, K2, Marker, Marmot, Mitchell, PENN, Rawlings, Shakespeare, Squadra, Stearns, Stren, Trilene, Volkl and Zoot
