Newell Brands completed the divestiture of Rawlings Sporting Goods Company Inc., comprising the Rawlings, Miken and Worth brands, to a fund managed by Seidler Equity Partners. Major League Baseball co-invested with SEP.
On June 5, Newell Brands announced that the company has signed a definitive agreement to sell Rawlings Sporting Goods Company Inc. to a fund managed by Seidler Equity Partners (SEP), a private investment firm based in Marina del Rey, CA. Major League Baseball will co-invest with SEP.
The sale is part of Newell Brands’ previously announced Accelerated Transformation Plan, designed to create a simpler, faster, stronger portfolio of leading brands. Gross proceeds from the divestiture are expected to be approximately $395 million, subject to customary working capital and transaction adjustments. Rawlings’ 2017 net sales were approximately $330 million. The company expects the transaction to result in after-tax proceeds of approximately $340 million, which will be applied to deleveraging and share repurchase.
Newell Brands also announced Friday that it completed the sale of The Waddington Group, including Eco-Products, Polar Pak, WNA and other industry-leading brands, to Novolex Holdings LLC.
Gross proceeds from both transactions were approximately $2.7 billion. The company continues to expect after-tax proceeds of approximately $2.5 billion, which will be applied to deleveraging and share repurchase.
Newell Brands include Paper Mate, Sharpie, Dymo, EXPO, Parker, Elmer’s, Coleman, Jostens, Marmot, Oster, Sunbeam, FoodSaver, Mr. Coffee, Rubbermaid Commercial Products, Graco, Baby Jogger, NUK, Calphalon, Rubbermaid, Contigo, First Alert and Yankee Candle.
