Newell Rubbermaid Inc. (NWL) said Monday that it has agreed to buy Ignite Holdings, LLC from private equity firm North Castle Partners for $308 million, subject to customary working capital adjustments.
Ignite is a designer and marketer of durable beverage containers sold under the Contigo and Avex brands. It is expected to deliver $125 million of net sales in 2014 and has a strong growth track record in the on-the-go thermal and hydration beverage containers market, achieving a historical four year sales CAGR of 35%.
The acquisition, which is expected to be financed through a combination of organic cash flow and available borrowings, is expected to close by the end of the third quarter of 2014
The acquired business will become part of the Home Solutions segment with Contigo and Avex joining Newell's Rubbermaid, Calphalon, Goody and Levolor brands.
The acquisition is expected to be accretive to Newell Rubbermaid's growth rate, normalized operating income margin and normalized EPS in the first year.
Newell Rubbermaid said it plans to reinvest a portion of Ignite's profitability to more aggressively build the Contigo and Avex brands.
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